In the last few years reverse mortgages have been growing in popularity among the elderly. While there are numerous advantages associated with reverse mortgages there are also disadvantages as well. Before you take out a reverse mortgage, be sure you have the whole story.
First, understand what is involved in a reverse mortgage. Basically, this type of mortgage allows you to transfer a portion of your equity into cash without the need to take on an additional monthly bill, as is the case with a regular home equity loan, or sell your home. With a reverse home mortgage, unlike a regular mortgage, you receive money for the equity in your home and are not obligated to pay it back until you are no longer living in your home. It should be understood that the money will need to be paid back; either when you sell your home, move to another principal residence or die. In the event that you have a lot of equity in your home but youre having difficulty meeting your monthly financial obligations, this can be a good option. Other advantages include the fact that the money you receive from the reverse mortgage is typically tax-free because it will have to be repaid. In addition,...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
