House Rich, Cash Poor Reverse Mortgage Info
Reverse mortgage
A standard approach goes something like this: A reverse mortgage can provide retirement income for those that are "house-rich" but "cash-poor". It allows you to access money, which is not required to be paid back until you leave the house or it's sold. The loan balance, which includes draws against the credit line plus interest charges, grows as a portion of the homeowner's equity. Draws are considered tax-free advances. Plus, reverses are "non- recourse" loans, meaning the amount you owe can never be more than the value of the house.
This sounds good. But some issues though not ignored, are not emphasized and it’s recommended to anyone considering a reverse mortgage to check out the FTC page for Reverse Mortgage .
FTC starts similarly, but.... For example: If you are age 62 or older and are "house-rich, cash-poor," a reverse mortgage may be an option to help increase your income. However, because your home is such a valuable asset, you may want to consult with your family attorney, or financial advisor before applying for an RM.
Visit now for your Click here for your free reverse mortgage analysis
|
|
