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Reverse Mortgage Miami - The Basics
Reverse Mortgages scare most people. They are extremely untraditional and have gotten bad press in the past, but in reality, they are a fantastic for alot of senior citizens.
The Basics
If you have been making mortgage payments to a bank your whole life and all of a sudden, someone tells you that you can get a big chunk of money and never make a mortgage payment again, it will definitely seem contrary to everything you have ever known about mortgages.
If you are a homeowner and have most of your assets tied up as equity in your home, you may not be able to do the traveling or live the lifestyle you want now that you have retired and are living on a fixed retirement income.
If you are a homeowner and have most of your assets tied up as equity in your home, you may not be able to do the traveling or live the lifestyle you want now that you have retired and are living on a fixed retirement income.
How Much Can You Borrow?
A reverse mortgage lender will look at your age and the amount of equity in your home in order to determine how much money they can lend you. Then they will lend you up to that amount, paying off any current mortgages and either giving you the balance in a lump sum or in monthly distributions.
Will The Payments Be High?
You never make any payments for the rest of your life (unless you move). Every month, of course, your equity decreases, but the bank has taken your age into account so that the possibility of your equity running out during your lifetime is extremely low.
What About The Heirs?
Upon your death, your heirs inherit the house and can refinance the loan and keep the property or the property can be sold and the loan paid off with the balance going to the heirs.
Are Reverse Mortgages Safe?
Reverse mortgages are overseen by the Federal Housing Authority (FHA) and are very safe. Please take the time to understand them thoroughly so that you can make a good decision for yourself.
More Info
If you would like more information, please visit REVERSE MORTGAGE MIAMI's website.
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