Ten reasons to consider a reverse mortgage. Page 2
Here are ten reasons you should consider a reverse mortgage
- the borrower can remain in their home, allowing them to remain independent;
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- the proceeds from the reverse mortgage are generally tax free;
- reverse mortgages are flexible; payments can be received as a lump sum, or as monthly payments for life;
- no repayments are necessary as long as the homeowner lives in the home;
- in most cases reverse mortgage ( personal loans ) proceeds will not affect regular Medicare or Social Security benefits;
- the borrower's credit rating doesn't matter; only the value of the home is important;
- no payments are required as long as the homeowner lives in the house;
- it's a good way to unlock the equity in a house, to allow the homeowner to remain in their house;
- the proceeds from the mortgage can be used for any purpose;
- reverse mortgages are non-recourse, so even if house prices drop in the future, or interest rates increase, the homeowner cannot be forced from their home.
Of course a reverse mortgage is not the solution for everyone, but if you are over 62 years of age, own your own home, and want to borrow money for ( life insurance ) debt consolidation or other purposes, a reverse mortgage is worth consideration.
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