If you are about to retire, you might wanna consider a reverse mortgage. Reverse mortgage is the type of mortgage that will turn your home equity into cash. A reverse mortgage is literally what its sounds like, a mortgage in reverse.
Here are some reasons why a reverse mortgage is a good idea:
Save Yourself From Monthly Payments
In getting a mortgage, the costs that you have to deal with is not limited to a fixed monthly payment. Add in the insurance premiums, interest, fees from lender service, and more.
When you get a reverse mortgage, the monthly payments would be the least of your worries. Your loan will be paid back with home equity so monthly payments will no longer be a problem.
Income Doesn't Affect Eligibility
With a reverse mortgage, your income is not an issue, as the factor that will determine your eligibility is the value of your property. Reverse mortgage doesn't consider your current income, in fact, it will add to it, without creating any problems. Plus, the money will be all yours.
If the reason you're considering reverse mortgage is your low income, then it should be good news for you that the cash you're gonna get from this mortgage is non-taxable.
Your Home Won't Be Taken Away
Your home is your home, and being removed from that well loved home is very tough. Fortunately, you won't have to deal with that difficulty with reverse mortgage. With this loan type, you will get the cash and be able to stay in your property.
A reverse mortgage is a great idea. But getting assistance from mortgage experts is very important to make sure that you understand everything about this loan type. Contact your agent and find out more about getting a reverse mortgage.
