Reverse Mortgages – Are They Worth The Price
Most products, cheap or expensive ones, should be compared to the benefits
, which you get with the price paid. The reverse mortgages offer great benefits, because with them seniors can get the much needed money without paying the monthly payments.
1. The Reverse Mortgages Are Special Loans.
The biggest benefit, which the reverse mortgages have is, that the seniors have not to make the back payments monthly. The loan capital, the interests and all other costs will be paid, when the loan will be closed. This happens, when the borrower sell the home, moves away or pass away.
A senior age 62 or over simply loans money against the value of the home. These seniors are called cash poor but equity rich and this loan system arranges them cash money, which they can use like they want. There are some upfront fees, but if a senior thinks, that he will live with the loan for years, the expenses per year are not that high.
2. When The Need Is Urgent.
When a senior thinks the price of this loan, he has also to think, how he will use the money. If the target is to use it to pay the increased medical bills, the necessary home repair or to buy a home to a child, is the extra costs so much? I cannot tell it, because everybody has to make his or her own judgement.
3. What Are The Other Options?
If the starting point is, that a senior cannot take any more loan or anything, which will increase the monthly costs, then he or she has to look at the options, which bring cash to him. Selling the home and moving to the cheaper area is one alternative. The negative thing is the loss of a familiar district and neighbours, which many are not willing to do.
4. How Much Would You Pay For A Life-Buoy?
If you would have only one chance to save your life, a kind of life-buyo, which you should buy to continue living, how much would you pay for that? That is the situation for many reverse mortgage borrowers, that loan is the only way to save their life-styles and to pay the increased bills.
Reverse Mortgages Are They Worth The Price
By: Juhani Tontti
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