is a reverse mortgage ever a good idea

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That means there’s a good chance many seniors will use their home equity to fund at least part of their retirement with a reverse mortgage. But there are some risks you need to be aware of before you pursue one.

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One of the advantages of getting a reverse mortgage is that you get paid rather than you pay the bank or the mortgage company. After the reverse mortgage receiver dies, the heirs are responsible for paying back the loan. Often it means selling the property. If the home sells for more money than the amount owed on the reverse mortgage, the heirs receive the difference. If the home sells for less, they won’t have to pay a cent.

Reverse Mortgage can be a good idea if you keep the emotions aside and look at it purely from a financial perspective. Let us look at the negatives and positives surrounding Reverse Mortgage, so that you can decide whether it suits you or not.

However, is it a good idea? Here’s how to tell. Reverse Mortgages: The Pros. Whether or not a reverse mortgage is a good idea depends on your current financial situation. If you are 62 or older and you need money immediately and can’t get it anywhere else, you could use a reverse mortgage.

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Reverse mortgage loan lenders say it’s a good idea to involve your offspring. "The last thing that anybody should ever do is regret what they haven’t done, and just leave it for their children.".

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Is a Reverse Mortgage a Good Idea for You?. Getting a reverse mortgage can be advantageous for many seniors looking for some additional capital. But just because you are 62 years of age or older doesn’t mean you would automatically benefit from obtaining a reverse mortgage loan. Before you.

There are six situations when a reverse mortgage should not be used. Short-term needs. If you only need the money for a short period of time and then can repay the full balance, a reverse mortgage is not a good fit. The minimum recommended amount of time is five years.

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