| Reverse Mortgages as a Retirement Tool |
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reversemortgageinfo
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Cash: $ 2.20
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Joined: 05 Apr 2011
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| Reverse Mortgages as a Retirement Tool |
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More and more seniors ages 62 and older are now adding a reverse mortgage to their retirement plans. Once these homeowners and adult children understand the facts about a reverse mortgage, they are more likely to apply for one. Here are some important facts about a reverse mortgage.
With a reverse mortgage:
Stay in your home
Use a portion or all of your home equity
Receive payment as a lump sum, fixed monthly payment or line of credit
Use the reverse mortgage for anything
No income, credit or medical requirements
Does not interfere with Social Security and Medicaid
Eliminates Existing Mortgage Payments
Income is Tax Free
For these reasons, planning on using the equity in your home could make sense. It's important to consider that the bank never owns the home, and you can pass down the home or remaining equity to your heirs.
For this reason, homeowners whose only asset is their equity, it could make a lot of sense for them to take out a reverse mortgage. It does not have to be paid back until the last surviving homeowner vacates the home.
To be eligible you should have at least 50% equity in your home, and your home should be a single family property, 2-4 unit home, condo or townhome. Some co-ops and manufactured / mobile homes are considered.
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Tue Apr 05, 2011 3:10 pm |
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affiliates111
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IMO, reverse mortgage is only good if you think you can no longer pay your mortgage and you have nowhere to go, and u think your life is not gonna last very long, which is sad to say.
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Tue Apr 05, 2011 5:07 pm |
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shaun Marsh
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Joined: 15 Feb 2011
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| windows long island |
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Hi,
Can anyone tell accurate formula for calculating reverse mortgage?
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Wed Apr 06, 2011 10:58 am |
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reversemortgageinfo
Member
Cash: $ 2.20
Posts: 10
Joined: 05 Apr 2011
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| A website for a reverse mortgage quote |
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At a quick glance I can't see a website with a reverse mortgage calculator, but you can get a reverse mortgage quote at this website:
http://www.reverse-mortgage-quote.com/
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Fri Apr 22, 2011 10:13 pm |
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