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Showing posts with the label pro and cons for senior mortgages
Reverse Mortgage - Facts Vs Myths Many misconceptions abound about the Reverse Mortgage. When clients are educated, Reverse Mortgages may be the ideal solution for there financial needs. Myth : The bank owns the home Fact: The homeowner always maintains title ownership and control of their home, and they have the freedom to decide when and if they’d like to move or sell. Myth : Those with a reverse mortgage will owe more than their house is worth Fact : HomeEquity Bank’s conservative lending practices allow clients to take a maximum of 55% of the home’s appraised value. In fact, 99% of HomeEquity Bank’s clients have equity remaining in the home when the loan is repaid. Myth : Reverse mortgages are too  expensive because the rates are high Fact : HomeEquity Bank rates are modestly higher than regular mortgages because there are no payments required. Myth: A reverse mortgage is a solution of last resort Fact : Many financial professionals recommend a reverse mortgage because i
MORTGAGES FOR SENIORS When a person retires, he or she may see a dramatic change in their income - at a level a lot less than they were accustomed to when working. Perhaps they had saved money for retirement, but some incidence may have occured to use up these savings, perhaps an illness. How do people meet these finnacial challenges? Over the past few years, as home prices have escalated, substancial equity has been built up in their home. Do you tap into this equity to free up funds for use. What are the pros and cons? What types of mortgages are available?  Reverse mortgages, lines of credit and equity take-outs are available. However the amount of income and debt level may make one or more of these unavailable. Over the next few days, each one of the types will be discussed along with the pros and cons for each.  Are there other reasons that a senior may wish to pull equity out of their property? Perhaps they want to help with the down payment of a child who wishes