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Reverse Mortgages are when a property owner 62 or older borrows against their home’s equity to bring cash or a line of credit from a lender. Unlike a traditional mortgage, they only need to repay once the last surviving homeowner moves out of the residence or dies. Interest and fees associated with the loan get rolled into the balance each month, which means the amount owed increases while the equity in the home decreases. Knowing this, evaluate the pros and cons of reverse mortgages before signing on the dotted line.
After hearing all the great things about a reverse mortgage, you must consider the risks.
Reverse mortgages are complicated. Understanding the rules and caveats is essential. These loans come with risks, so weighing the risk versus needing cash is best. Speak with an accountant, financial advisor, or HUD-approved reverse mortgage counselor to discuss implications and alternatives.
STAGES is here to let you know your options.
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