Before you worry about the price of a reverse mortgage, worry about the COST of a reverse mortgage. First and foremost they are not cheap. What happens is the balance of your mortgage reverse amortizes, meaning that the balance you owe gets larger and larger. Second, regardless of the rate of interest you pay each year you pay more in interest because the balance gets larger. If you want to be able to take cash out of your home and not have to pay it then fine, whoever gets the house when you die will have to deal with the balance. I’m not saying there bad just make sure you know what the numbers look like. By the way you must be at least 62 to qualify
Theere are so many options and defferent kinds of reverse mortgages available. Its not easy to figure it out. First go to yourpropertypath.com and read Reverse Mortgages: Get the Facts. Then use the mortgage quote engine to get 4-5 free bids for your business. Having mortgage bankers and brokers compete for your business is the best way. But first you must be informed.
Good Luck
Before you worry about the price of a reverse mortgage, worry about the COST of a reverse mortgage. First and foremost they are not cheap. What happens is the balance of your mortgage reverse amortizes, meaning that the balance you owe gets larger and larger. Second, regardless of the rate of interest you pay each year you pay more in interest because the balance gets larger. If you want to be able to take cash out of your home and not have to pay it then fine, whoever gets the house when you die will have to deal with the balance. I’m not saying there bad just make sure you know what the numbers look like. By the way you must be at least 62 to qualify
ruggertom | Aug 30, 2010 | Reply
Theere are so many options and defferent kinds of reverse mortgages available. Its not easy to figure it out. First go to yourpropertypath.com and read Reverse Mortgages: Get the Facts. Then use the mortgage quote engine to get 4-5 free bids for your business. Having mortgage bankers and brokers compete for your business is the best way. But first you must be informed.
Good Luck
Your Property Path | Aug 30, 2010 | Reply