Saturday, January 5, 2013
Understanding reverse mortgage
Another great question came here asking wha is reverse mortgage, and how first thud help my debt? Reverse mortgages have been frequently targeted by commercials towards senior audience. A reverse mortgage is a method of avoiding foreclosure and bankruptcy. If you want to see if reverse mortgage is a potential route to financial freedom, consider the following.
Be prepared to have a longer repayment term, as this is a contract renegotiation. Also, make sure your credit has no negative marks, as lenders who grant reverse mortgages want to see high credit scores.
Before.considering reverse mortgages, be sure too look into consolidation or refinancing.
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Reverse mortgages are available for individual who are over 60 years old, 62 at least. They will need money to spend for long-term care. A reverse mortgage can be used as a source for tax-free income for the old age group. If you want to go for this, then you can look for the best Indiana reverse mortgage lender to help you out and provide the cash that you need for whatever purpose you intend to use the money aside from long-term care expense.
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There are many senior citizens in this country who are dependent on reverse mortgages. As reverse mortgages offer tax free income, it becomes quite handy for the elderly people and they won’t have to remain dependent on anyone. The best part is that you can use the reverse home loan proceeds for anything. You can pay off your unsecured debts with the proceeds or it can serve as your monthly income. However, in order to qualify for a reverse mortgage, you will have to be a permanent resident of the property. Apart from this, the borrower should pay off the insurance and property tax on time and maintain the property well.
ReplyDeleteReverse mortgages have received a lot of press lately. NBC Nightly News, ABC, and CBS have all run stories. Of course there are pros and cons to reverse mortgages, but interestingly enough, two large organizations support and advocate them, especially for seniors who need long-term care. Tulsa mortgage
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