How To Get Your Reverse Mortgage Paid Off
The repayment schedule can be the largest misunderstanding when it comes to reverse mortgages
. The basic function of reverse mortgages can confuse family members when they are getting educated on this product.
The intentional use of
reverse mortgageis that no repayment of any kind is required to be paid back over the life of the borrower. The client may decide, based on their circumstances, to make payments toward the Reverse Mortgage loan or not. It is not required, but in some cases it can make sense. I would like to describe to you one of these cases.
Towards the start of the year, I sat down with a past client who needed to refinance his condo loan. With him still in the work force and making a reasonable source of income. Both him and his spouse were 63 years old. There was some equity left in their condo, but the market had dramatically affected the appraisal value.
As a supportive parent, he wanted to help his son out with his graduate school education. Having the condo paid off for him and his wife was a dream in the making. Several conditions existed for the gentleman which displayed why a forward mortgage wouldn't make sense. The value of the property and his overall income are a couple.
We went over in detail the foundation and characteristics of what a
reverse mortgage could do for him and his situation. In a reverse mortgage, you have the ability to tell your lender how much your monthly payment will be and what is convenient for you.
Going with a reverse mortgage gave my client the freedom of making a payment if he wishes during his time of residence at the property. Following the close of his new mortgage, the gentleman only a 150 dollar payment. The next month, he was able to skip a payment entirely. The following month, a new client was added to his business so he made a $550 payment to his mortgage. Maybe you should learn a little more about how a reverse mortgage could alleviate some of the pressure you're feeling.
Go to my website to get more information on reverse mortgages or give me a call.
by: Addison Jaggers
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