subject: 5 Benefits The Reverse Mortgages Offer For Seniors [print this page] First, the reverse mortgages for seniors are great products, when you have cleared, whether they will fit to you and to your circumstances. The key fact, when you start to ponder, is the need for which you have planned to take the reverse home mortgages.
1. The Usual Case To Take The Reverse Mortgages For Seniors Is The Need Of An Extra Monthly Cash.
This is also the main benefit, which you can get from the reverse home mortgage. You will get cash but you do not have to pay it back on a monthly basis. The system works in the way, that you use the equity of your home and convert the part of it into cash money. The payments are tax free to you and you can deduct the interests, when you have paid them, after you have moved away from your home.
2. The Reverse Mortgages For Seniors Offer A Chance To Cash Out A Part Of The Home Equity.
The basic criteria for a qualification is, that you are American and age at least 62 and own your home, where you live permanently. Now you are eligible to apply for the reverse mortgages for seniors.
The needs for extra cash are many. You may want to buy a home for your child, or to use the money for increased medical bills, or you may want to travel etc. The reverse mortgages work in that way, that nobody will ask you, for which purpose you will use the money.
3. You Can Decide How The Lender Will Pay You.
Your need dictates, how the payments will happen. The alternatives are as a lump sum, as monthly payments, as a credit line or as a combination of some of these. What is the best reverse mortgage program is your own decision.
4. All Reverse Mortgages For Seniors Will Be Paid Back, When Your Home Is Sold.
This means, that the reverse mortgages do not have any monthly payments to the lender. All costs, interests and the capital will be paid back when your home is sold. The difference of the selling price and the costs belongs to you.
5. You Will Never Pay Back More Than The Value Of Your Home.
When you think the reverse mortgages for seniors, note that there is an obligatory mortgage insurance.It means that if the selling price of your home is lower, than the amount of costs, the difference is paid from the insurance. Your other assets will never be used to pay your reverse mortgage loan.
You will borrow the more, the older you are, the lower is the interest rate and the more valuable is your home. Actually you can decide, whether you take the reverse loan with variable interest or with the fixed one.
by: Juhani Tontti
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