'Pros & Cons' Category Archives

Is the Reverse Mortgage the Best Choice For You?

October 20, 2014     no comments

Comment: my partner is 71, I am 75, We own our condo in CA  the balance on the mortgage is 52,000 and the approx value is 150,000-160,000.  is this program the best choice for us? Hi Rudy, You know, you used the magic words in there, "..the best thing for us".  We are of the opinion that reverse mortgages...
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Reverse Mortgages are NOT a “Last Resort”

August 29, 2013     no comments

Historically, reverse mortgages were thought to be a solution only for people who found themselves “house rich” and “cash poor.” But today, the thinking has changed. Because a reverse mortgage allows the borrower to convert home equity into cash, either in the form of a lump sum payment, monthly installments or as a line of credit, the conventional thinking was...
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Reverse Mortgage Pros Cons Reexamined for 2013

July 3, 2013     no comments

A reverse mortgage can help improve your financial situation if you are at least 62 years of age, have a substantial amount of home equity and are looking to improve cash flow in retirement. But this type of loan is not for everyone—like any long-term financial decision, it’s important to consider the pros and cons of reverse mortgages before...
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Reverse Mortgage Advantages; Why You Could Miss The Boat…

June 21, 2012     no comments

From our reader: We have 2 homes, no mortgage. We do not need money at the present time. Could it be to our advantage to get reverse mortgage? Thank you for your help. The question as to whether or not it could be to your advantage depends entirely upon you.  I would not advocate having borrowers incur costs...
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Is it safe to invest the proceeds of my reverse mortgage?

February 24, 2012     1 comment

If you’re seriously considering taking out a reverse mortgage, you probably know by now that you can use the proceeds of your loan for just about anything. However, even though you as a borrower are free to do as you wish with your money, using it to make investments is not recommended. In order to protect borrowers, the government has...
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Exploring Reverse Mortgage Disadvantages

December 19, 2011     no comments

I had a long conversation with a potential borrower yesterday. He said that he had spoken with a couple of loan originators and had a few concerns. One of the originators told him that there were no reverse mortgage disadvantages and the other worked for the largest reverse mortgage company in the United States and told him that she did...
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2011 Reverse Mortgage Pros and Cons

December 16, 2011     no comments

2011 is fast approaching and people are still asking about the reverse mortgage pros and cons. We have seen some changes over the past year and it's time to update some of the reverse mortgage pros and cons that were reported in our last article. HUD has made some changes that many feared and some have helped, some have made...
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