5 Questions to ask about Reverse Mortgages: Unlike conventional mortgages, where you borrow money to buy a house and make payments, a reverse mortgage lets you borrow from your home’s value and make no payments. When you’re done reading, you can see more by visiting: https://finance.yahoo.com/news/answer-5-questions-reverse-mortgage-150049780.html.
The bank collects on the loan when:
- You die
- Sell the house
- Stop living there
- Fail to pay property taxes or homeowners insurance
- Stop taking care of the place.
Here are 5 questions to ask about reverse mortgages. Then you can ask more questions or apply for a Colorado reverse mortgage by visiting: https://reversemortgageinstitute.net/apply-now.
1. Why a reverse mortgage?
A reverse mortgage will give you money without telling you how to spend it. You can use the money to cover living expenses, pay medical bills, complete home projects, go on vacation, or even buy a new home.
2. Who is eligible?
To take out a reverse mortgage, you must be at least 62-years-old, and own your home.
3. How much can I get?
As a general rule, the more your house is worth and the older you are, the larger the potential loan. Age, for purposes of the loan, is based on the age of the younger spouse. To see more about how much you may get from a reverse mortgage, see this video from The Mortgage Doctor: https://vimeo.com/333187748.
4. What are the downsides?
Signing up for a reverse mortgage means you’ll essentially be committing to living in the house for the rest of your life. Should you ever want to move, you’ll need to pay off the loan.
If you fall behind on property taxes or insurance payments, you could find yourself at risk of foreclosure.
5. What do I do now?
Call Steve Haney, The Mortgage Doctor, Today! (719) 266-5500
He will look over your financial situation, and find the right option for you. If you want to read more about how reverse mortgage work, visit his website at: https://reversemortgageinstitute.net. After that, Steve can answer any questions you may still have.
