Is a reverse mortgage a bad idea? Here’s everything you need to know before making a decision:
Janna HerronThe reputation of reverse mortgages has had its ups and downs since they were first piloted by the Reagan administration.
With a reverse mortgage, you're tapping the home equity you've built up by getting a loan against it. The funds are given as an upfront lump sum payment, over monthly payments, or as a line of credit that you repay only when you sell the house or pass away. There are no monthly payments. “Say someone is 80, take 12 away, that’s 68,” he said. “So, they are looking at getting a loan that’s worth 68% of their home’s value.”You’re also required to pay property taxes, homeowner’s insurance and mortgage insurance premium in addition to maintaining the house. Your lender will evaluate whether you have enough disposable income to meet these obligations. In some cases, lenders may require that some of the equity from the reverse mortgage is set aside to pay those expenses going forward.
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