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Thread: Are you planning for a reverse mortgage?

Created on: Mar 25, 2018 @ 11:23 PM
Replies: 1
Mortgage for Seniors
Mar 25, 2018 @ 11:23 PM
Shirley01
Rank #1


Joined: Mar 25, 2018
Posts: 2

1

A reverse mortgage is a type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner's insurance.

It is a type of home equity loan that's reserved for older homeowners and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies. It also can be paid off early, before you move out of or sell your home or die.
* Last updated by: Shirley01 on 6/28/2018 @ 12:54 AM *

 

 

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RE: Are you planning for a reverse mortgage?
Mar 26, 2018 @ 3:06 PM
GaryMitton
Rank #10


Joined: Nov 27, 2016
Posts: 14

2

What you should know about reverse mortgages is that you are basically selling your house for whatever percentage you get relative to the value of your house. The current rate of interest on a reverse is around 6% +/-. This means the value of the loan doubles in 12 years. If you get 50% of the value of your house, in 12 years they own it all (assuming the rate is fixed and not variable because rates are going up!!). In my opinion, not a good deal.

 

 

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