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With a volatile stock market draining retirement savings from the bank accounts of seniors throughout the U.S., Larry Reiminger believes hope for some Southeast Missouri retirees lies in the reverse.
Learn about reverse mortgages, where to get one, how to qualify, how much it costs, consider the pros and cons, and questions to ask your lender.. Pros and cons of a reverse mortgage. Before you decide to get a reverse mortgage, make sure you consider the pros and cons carefully.
As you consider a reverse mortgage’s pros and cons, consider alternative ways to get income, too, such as dividend-paying stocks, annuities, or perhaps a home equity loan. Remember that Social Security will provide you with some income in retirement, too, but the average annual benefit was recently only about $16,000.
Reverse Mortgage Cons: 1. Loss of equity. This is probably the biggest con. Since a reverse mortgage is a loan, and the borrower is not making payments on a monthly basis to pay back that loan, interest continues to accrue which INCREASES the balance of the loan. That is why it is called a "reverse" mortgage, the balance is going up not down.
Reverse Mortgage Cons. The fees on a reverse mortgage are the same as a traditional fha mortgage but are higher than a conventional mortgage because of the insurance cost. The largest costs are: FHA mortgage insurance; Origination fee; The loan balance gets larger over time and the value of the estate/inheritance may decrease over time.
If you learned about reverse mortgage pros and cons in the past and had decided against the idea, know that there have been some reforms in the past few years that make the upsides stronger. Here’s a.
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Reverse mortgage pros: What are the benefits of reverse mortgages? For the right senior in the right situation, a reverse mortgage can create the opportunity for a much nicer lifestyle during retirement with the supplemental funds, which allows for the pros to outweigh some of the cons.
CPA says the pros and cons should be considered before applying for a reverse mortgage. The pros include: No regular loan payments; Turning equity in your home into cash without having to sell it; No.