Are Reverse Mortgages a Good Idea?

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Are Reverse Mortgages a Good IdeaThere has been much speculation about whether reverse mortgages are risky. They have often been touted as one of the most useful ways to protect your home investment. On the other hand there are many debunkers out there claiming that reverse mortgages are just simply not a good idea.

Is a Reverse Mortgage Right for You?

The truth behind reverse mortgages is they can be extremely helpful to those who want to use the equity they have built up over the years now rather than wait. That’s why they are considered the perfect loan for seniors 62 and older; mostly due to the fact that the loan does not need to be repaid until after the owner decides to move or after the owner’s death.  In the case of the death of the owner, the lender will receive the balance due while the rest is turned over to the owner’s heirs.

Why Floor Rate Mortgages, LLC are the Way to Go 

Henderson seniors are especially hard hit by a tough economy and they are searching for the home loans Las Vegas will give them that offers them the leg up they need to live their golden years free of worry. Floor Mortgages understand that these individuals are having a hard time making their monthly mortgage payments.

This is the reason finding the right Henderson Mortgage Company is so important for these seniors. A government insured reverse mortgage will give them the opportunity to pull out equity in their own home and receive the monthly payments that can make a huge difference in their lives.

Some Positives about taking out a Reverse Mortgages

  • Reverse Mortgages Allow You to Stay In Your Home
  • You Are Able To Make Monthly Mortgage Payments a Thing of the Past
  • You Can Use Your Funds When You Want, How You Want
  • Reverse Mortgages are Tax-Free and Fully Insured

In order to qualify for a reverse mortgage a borrower must have reached the age of 62 years of age and own their own home. The exception is if they currently own their own home with a mortgage that is small enough to be paid off by the proceeds.