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Here are some answers to some of my questions that I had not even thought of when I did my post about reverse mortgages.
I always disable comments on posts that I reblog, so click here to visit Lewis over in Brewster, Massachusetts, and read through his incredibly informative 12-part series (so far) about reverse mortgages.
What Is A Reverse Mortgage? (Part 4) A 12 Part Series
Part 4 - Pros and Cons of a Reverse Mortgage
Why Should You Consider a Reverse Mortgage
Allows the homeowners to stay in their home permanently.
Pays off existing mortgages on the home.
Simple to qualify for because credit score and income are not considered.
No monthly payments are due for as long as the homeowner lives in the home.
The homeowner receives payments on flexible terms:
Credit line for emergencies
Lump sum distribution
Any combination of the above
A reverse mortgage can not get "upside down" so the heirs will never owe more than the home is worth.
Heirs inherit the home and keep the remaining equity after the balance of the reverse mortgage is paid off.
Proceeds are not taxable.
The interest rate is lower than traditional mortgages and home equity loans.
Reasons Why You Shouldn't Do a Reverse Mortgage
The fees on a reverse mortgage are the same as a traditional FHA mortgage. But, the fees are higher than a conventional mortgage because of the insurance premium. The largest costs are:
Upfront FHA Mortgage Insurance Premium of 2% of the maximum loan amount
Origination fee - 2% of the first $200,000, then 1% of the remaining maximum mortgage amount, but not to exceed $6,000
Although Social Security and Medicare are not affected, Medicaid and other need-based government assistance can be affected if too much funds are withdrawn (and not spent) in one month.
Counseling. The program is not well understood by most individuals, and all borrowers must get counseling on reverse mortgages. However, the availability of independent reverse mortgage counseling helps.
Next: Part 5 - Reverse Mortgages, Income and Taxes
If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, to pay for healthcare expenses, or even to buy your retirement home, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.