Reverse Mortgage Conundrum
Many times we are in the position to provide advice for those considering that `quick fix`to financial woes or perhaps a thought to providing an inheritance to some loved ones while they are still on this earth. We`ve all seen that Robert Wagner commercial.
Ty provides the words we need to communicate. `Seek advice from a professional`
At first glance, reverse mortgages appear to be a good thing but for some seniors, is it? A conundrum for more boomers who hit retirement age as reverse mortgages are growing in popularity.
A reverse mortgage is when a lender advances you money in either a lump sum or in stages and you make no monthly payments. A conventional mortgage is when you borrow a certain amount and gradually pay it back monthly.
Is it for you? Do you qualify? What are the pros and cons? If you Google reverse mortgages you will find a slew of professionals with advice on the pros and cons and how to qualify.
My personal experience in real estate and with those who have gone with a reverse mortgage or sought alternative funding is to weigh the pros and cons with local professionals and seek advice from a trusted financial advisor, your banker and real estate professional.
You got this far in life, make sure the remaining years are as financially stree free as possible.
Ty Lacroix Broker of Record & Owner
'NOT ALL REALTORS* ARE THE SAME', One call or email to me and you will know why!
Your London and S/W Ontario source for results!
519-435-1600 www.enveloperealestate.com
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