Has A Reverse Mortgage Loan Any Alternatives
When people have retired, one of the most important thing is to behave carefully
, i.e. especially to avoid the long term commitments, because they just can ruin the life. This article ponders, what kind of alternatives the reverse mortgage loan have?
The angle from which this article approaches the theme is, that the people, who are interested about the reverse mortgage loan are so called equity rich but cash poor people, i.e. they need more disposable money every month to live properly.
1. Can I sell My Home?
Many spouses, who have had the family, have homes, which are simply too big ones. The problem is, that all their friends are in the neighbourhood and, this is important, their memories are there. How could they sell the home and move away? But if they will solve some other problems, why not?
2. Can I Sell The Home And To Rent It Back?
This is called sell and lease back method in the business life. This is one option, if a senior or a couple wants to continue living in their old home and to release the equity from there to get the needed cash money. However, if they need regularly more disposable cash money, then on the long term this is not a good solution.
3. Can I Sell The House And Invest the Money Profitably?
Yes, you can, if you can do it. The investments into the common stocks, for instance, will bring around 10 percentages profit annually in average. If that can satisfy your financial needs, then it is okay. However, you have also to think, that the stock investments are risky investments.
4. What About Medicaid And Other Support From The State?
The problem concerning the Medicaid can be that a senior has too valuable property and he will not qualify to the Medicaid. This is a pity and in some cases the retired people have sold out the ownerships and transferred the money into some other destinations, which they do not own.
5. The Counselor Can Guide.
When The U.S.Government decided about the reverse mortgage loan - system, they also foresaw, that the retired people honestly will need the guidance. That was the reason, why they established a nationwide counselor network with the only target to advice the seniors.
These counselors are in the federal payrolls, which makes it possible to give instructions also from other alternatives, than just about the reverse loans. A senior must use this resource and to prepare to the meeting, which is obligatory.
by: Juhani Tontti
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