Mar 23, 2012

Is the Reverse Mortgage a Right Financial Program for You?

My late father was a retiree from the national electricity company. At January 6th this year, he died at the age of 76 years. I can say that my father lived in a happy old age because he never had financial problem, although he has retired. The retirement fund, savings and regular income from a construction company can meet all his needs and cover all daily expenses. When he’s still alive, although my father has a home with his own name and his age is qualified –over 62 years old- he does not need applying any financial program such as reverse mortgages in USA to earn extra income.

Unfortunately, not all senior home owners are as lucky as my father who has sufficient income in his old age. Recently, there are many senior citizens in USA who really need extra income to support their daily expenses. Their current incomes can’t meet today’s increasing prices anymore! Applying for a new job in old age can be a possible way out, but I think it would be better to choose another better way; since the chance to be accepted is only a little.

Lots of senior home owners prefer to get financial benefits from reverse mortgage programs. What is a reverse mortgage anyway? In a simple definition, it’s a sort of useful home loan -for only permanent residents and US citizens at least 62 years old- that draws the equity of their own homes. Getting reverse mortgage allows you to attain added income in a monthly imbursement, lump sum or home equity line of credit.

You don’t need to pay back the loan while you still can stay at your home, proceed paying your home insurance and property taxes like earlier. The reverse mortgage won’t due until you -as a borrower- sell the home or you pass away. For me, achieving added income from a kind of home loan without leaving the home and repaying monthly are the greatest advantages that you can get from reverse mortgage! Check the possible loan amount that you can obtain based on your home value by using a reverse mortgage calculator at resource websites of reverse mortgages.

Consider taking useful counseling before. You should know in advance that you’ll have to pay out high closing cost. Evaluated to traditional mortgages, applying for reverse mortgage makes you must compensate the origination fees about twice higher. Getting guidance, best advices and the latest information on reverse mortgage will help you a lot in making an educated and informed decision.

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