the truth about reverse mortgages

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Even then, don’t be fooled by the little mortgage calculators that try to tell you you’ll only be spending $1,100 a month to own this home. That’s far from the truth. There are a lot of hidden costs.

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When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity. The money you get usually is tax-free.

Essentially, a reverse mortgage is a special kind of home equity loan that replaces your traditional mortgage. The new loan pays off your first mortgage, and creates a new, bigger loan. Interest rates can be fixed or variable. You can take the money in a lump sum, a steady stream of monthly advances or a line of credit.

The Truth About Reverse Mortgages – If you are looking for options for lower mortgage payments then our mortgage refinance service can give you the information you need.

The Truth About Reverse Mortgages. Presented by access reverse mortgage corporation | NMLS 4566. 7750 66th St. N., Pinellas Park, FL 33781 | 800.806. 7126.

A reverse mortgage enables you to pay off your existing mortgage and eliminate your monthly mortgage payment. Instead of making a monthly payment, the interest on your reverse mortgage is added to your mortgage balance.

A reverse mortgage is a type of loan that is available to homeowners who are 62-years-old or older. It allows potential borrowers to access a portion of their home’s equity. Once they cash in on.

The truth is that there are numerous life insurance guides on. For example, if you owe $200,000 on your mortgage, have two children to put through college at a cost of $100,000 per child, and want.

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