By Admin on Dec 1, 2008 in Renting & Real Estate
Dana P asked:
I simply want the bank to pay off my 18k mortgage so that I can live the rest of my life without monthly payments, because I’m struggling financially. No payments would help me. I have about 150k in equity. I do plan on having my kids sell home, when I die. Thanks for help. And yes, I’m going to a professional, I’m just curious rite now.
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I simply want the bank to pay off my 18k mortgage so that I can live the rest of my life without monthly payments, because I’m struggling financially. No payments would help me. I have about 150k in equity. I do plan on having my kids sell home, when I die. Thanks for help. And yes, I’m going to a professional, I’m just curious rite now.
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There are advantages to a reverse. However, there are high up front fees, so check out that part of it. If you only have 18 k left on your mortgage, you can get a good piece of cash each month from a reverse, depending on the value of your home. You have to be over 62, and have equity in the house.
RED | Dec 4, 2008 | Reply
Red is correct. But be prepared for the high closing costs due the FHA insurance (almost 1/2 of the total costs). Fortunately, you don’t have to pay it out of pocket, but the loan itself can pay them.
And you get something for your money. The guarantee of a lifetime of no mortgage payments AND additional cash out if you want it in the future via a line of credit. Get a quote and decide if it’s worth it to you.
dmgluke | Dec 7, 2008 | Reply