|
My mother was thinking about getting an equity line from her bank, but she's afraid she might not be able to make the payments. Is a Reverse Mortgage a better option?
Emily K. in Highpoint, NC asks:
My mother is 82 years old and lives alone in the same house she has been in for over 40 years. The house needs repairs and will probably continue to need expensive upkeep. The house is debt free and my mother was thinking about getting an equity line from her bank, but she is afraid that she might not be able to make the payments. Do you think that a Reverse Mortgage is a better option?
Emily,
when seniors need cash or income, many are choosing Reverse Mortgages, instead of traditional cash-out mortgages, for two reasons. The first is that there are no payments to make. You have a choice as to whether you want the proceeds of the loan as a lump sum or monthly payments, or a combination, but you never make any payments back to the lender. And secondly, you retain title to your home for as long as you live. You can never “lose” your house. The only qualification for getting a Reverse Mortgage is that you are at least 62 years old. There are many other benefits as well.
For more information please check out my website www.KatzMortgageTeam.net, there is a whole section on Reverse Mortgages.
Stephen
If you have a question that you would like me to answer please email me at Stephen@katzmortgageteam.com.
Email Page | Print Page
|
|
|
