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9 Reasons to Take a New Look at Reverse Mortgages

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A reverse mortgage, is a loan product that gives homeowners age 62 and over the ability to tap a portion of the equity in their primary residence without having to sell their home or take on a new mortgage payment.

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On the other hand, reverse mortgage rules do require that applicants undergo credit counseling beforehand, which can alert borrowers to potential reverse mortgage pitfalls and help them decide whether a reverse mortgage is the right choice for them or whether other options might be better.

In order to be eligible for a reverse mortgage, the borrower must be 62 or older and have a substantial amount of equity in the home. So why are seniors taking out reverse mortgages? Here’s a look at some of the most common reasons a senior homeowner would want to take out a reverse mortgage: To pay off debt.

If the reverse mortgage offers little current or future advantage to a borrower, then the homeowner should look for other options. And using a reverse mortgage to eliminate monthly mortgage payments does not always guarantee that a homeowner will have positive monthly cash flow. New regulations, however, were implemented to ensure that monthly.

Reverse mortgages are a type of home equity loan for homeowners 62 years and older. If you have been thinking about getting a reverse mortgage, here are 9 new reasons to take a fresh look at the program. 1. You Are Protected in a natural disaster. floods. Fires. Earthquakes. It has been a rough few months.

Delaying Social Security: Some lenders might convince seniors to take out a reverse mortgage at 62, the earliest required age, as a way to delay social security payments up to the maximum benefit age of 70. Lenders argue that delaying social security increases the monthly payment a senior receives once social security kicks in.

That’s another reason to take a reverse mortgage with a line of credit sooner rather than later. Over many years, the line of credit can increase to far more than the original amount.