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In a reverse mortgage, you get a loan either as a lump sum, in monthly payments or as a line of credit.. Three things to know about reverse mortgages. 0:00. ” Ultimately, it's another financial tool that's neither good or bad.
Like any mortgage or loan it is all situational. For some people a reverse mortgage is a great idea and maybe even their best option, but for.
The perception of reverse mortgages as. can still be a potentially good solution for those sitting on a lot of home equity, Max notes. “For homeowners who have the equity and want to stay in their.
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For some older homeowners, a reverse mortgage can be a good way to get some much-needed cash when their. and will not have to pay anything back until they die or move out. But things get trickier.
And that’s another thing that’s a very important. The one study that I’ll mention is the one that referred to the notion that it would be good to get a reverse mortgage at age 62 with a line of.
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If your parents are retired or nearing retirement and concerned about their finances, they might float the idea of getting a reverse mortgage past.
“When we do traditional things like printed brochures, we use the general term reverse mortgages,'” Noble said. it is likely a very good one because it’s evident of a potential borrower who has.
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While these loans are a good choice for some people, they aren't for. If you're considering a reverse mortgage, here are a few things to know:.
A reverse mortgage allows a retired homeowner to tap into the equity of a paid off home. In the right circumstances, a reverse mortgage can be a source of.
Learn about reverse mortgages.. But for most people, getting a reverse mortgage is a bad idea. Reverse mortgages have significant downsides: As noted.
· If you approach a reverse mortgage as if you are selling your house but you get to continue to live there until you need to move into a retirement home or die–then yes it can be a good thing.