Would it be a good idea to get a reverse mortgage. to pay off the current loan which would leave more room to pay taxes and insurance and less worry about monthly mortgage payments. I intend to live in my house for the rest of my life.
The rule we stated above is very simple, anyone who pays the slightest bit of attention to financial news can tell you when the Fed cuts or raises rates, often everyone has a pretty good idea before.
When you look at reverse mortgage pros and cons, surprisingly enough, the pros often outweigh the cons. Here's the details of why.
benefits of home equity line of credit The tax benefits of home equity lines of credit, or HELOCs, are very similar to that of first mortgages. Yet there are differences in regard to the use of the proceeds that come from a HELOC.
An FHA-insured reverse mortgage line of credit can’t be shut down once it’s established, as long as you abide by the loan rules (such as paying your property taxes and insurance, and keeping the home.
A reverse mortgage could be good idea if you’re "house rich but cash poor"-in other words, you own your home outright (or have paid off the bulk of your mortgage), but don’t have much cash-flow If you have a significant amount of home equity, but not a whole lot of ready cash in your bank account, it could make sense to utilize your available resources by tapping into that equity.
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A reverse mortgage loan is often best for people who plan to live in their home for a long time. reverse mortgage loans can be expensive if you are only planning to live in your home for a few more years because you are required to pay insurance premiums, as well as other costs.
With a single-purpose reverse mortgage, the lender restricts how you can use the money from a reverse mortgage. For example, a single-purpose reverse mortgage may only be used to pay off property taxes or to make home repairs. These reverse mortgages are typically the least expensive option, but they are limited in availability.
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· 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 Reverse mortgage is a perfect tool for such people. Tax Benefits – In India, payments from Reverse Mortgage are made tax free. So, you don’t.