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When Is A Reverse Mortgage A Good Idea

There are six situations when a reverse mortgage should not be used. Short-term needs. If you only need the money for a short period of time and then can repay the full balance, a reverse mortgage is not a good fit. The minimum recommended amount of time is five years.

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With a reverse mortgage, the lender makes payments to you. Repayment on a reverse mortgage is not required until the home is no longer your primary residence. Because you don’t make payments, lenders don’t care about your credit score or your income when you apply for a reverse mortgage.

Estimate Home Value For Refinance Before you sell your home, see our estimated home values, … Get quick and easy access to your home value, neighborhood activity and financial possibilites.

Taking out a reverse mortgage is almost never a good idea — here’s why. Instead of interest compounding on a lower number every month, like a regular mortgage, reverse mortgages compound on a higher number because of the additional premiums. In the case of death, your estate will have to pay off the remaining balance — and if you move out of the house, you have a year to close the loan.

And beware of reverse mortgage lenders trying to push you into a sale. If your lender recommends how you can spend your money, there is a good chance that they are … of Wall street pros serve up new …

Reverse mortgages are loans available to people over 62 who would like to borrow against the value of their homes. They are often exorbitantly expensive — requiring additional premiums and fees. …

When refinancing is smart Here are circumstances in which refinancing can make good sense: You want to have smaller monthly payments by reducing your mortgage’s interest rate. ideally, you’ll have a …

3 Ways Reverse Mortgages Hurt Seniors|Pros and Cons|Disadvantages Dear Liz: I recently retired to a small house I bought 30 years ago. I refinanced four times to get the rate down from 11% to 3.5%. This provided me with a low monthly mortgage (just under $450), but …