what is the down side of a reverse mortgage?
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A reverse mortgage is a special type of home loan designed to enable homeowners 62 years of age and older to access part of the equity in their homes. It’s called a "reverse mortgage" because, instead of you paying the lender, the lender pays you. These payments can be a lump sum, a monthly advance, a line of credit, or a combination.
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A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care.
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· Some people are under the mistaken impression that you can’t get a reverse mortgage on a manufactured home.That’s not true. The requirements eliminate some kinds of manufactured homes, and the process can be challenging, but, yes, owners of manufactured homes do qualify for reverse mortgages.
How do Reverse Mortgages Work? When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you.Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity.
A proprietary reverse mortgage is a mortgage solution that presents an alternative to the traditional home-equity conversion mortgage (HECM) that is offered by.
The biggest downside of a reverse mortgage and which probably causes the most confusion and misunderstanding is when the mortgaged property goes "upside down." That means, as time goes by, the borrower reaches a point where he or she owes more money than the house is worth.
The Reserve Bank of Australia has cut the official interest rate to a record low 0.75 per cent and signalled that it will cut.