when is a reverse mortgage a good idea

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Reverse mortgages are an attractive option for certain seniors, but those with good credit and enough income to make monthly payments should look into cheaper alternatives. miron lulic, founder and.

A Reverse Mortgage can be a Good Idea When. You Need More Income. When you take out a reverse mortgage, you receive a monthly, tax-free payment in exchange for agreeing to repay the loan plus interest whenever you pass away, sell your home, or no longer use your home as your primary residence. Most borrowers take

5 Reasons not to get a Reverse Mortgage A reverse mortgage loan is often best for people who plan to live in their home for a long time. reverse mortgage loans can be expensive if you are only planning to live in your home for a few more years because you are required to pay insurance premiums, as well as other costs.

Taking out a reverse mortgage is almost never a good idea – here’s why. Instead of interest compounding on a lower number every month, like a regular mortgage, reverse mortgages compound on a higher number because of the additional premiums. In the case of death, your estate will have to pay off the remaining balance – and if you move out of the house, you have a year to close the loan.

Would it be a good idea to get a reverse mortgage. to pay off the current loan which would leave more room to pay taxes and insurance and less worry about monthly mortgage payments. I intend to live in my house for the rest of my life.

If you’re thinking about getting a reverse mortgage, consider some recent policy changes that might not make the loan such a good idea. In a rule change last year, the Department of Housing and Urban.

Make sure you plan to stay in the home long enough to recoup the costs of refinancing. Getting rid of private mortgage insurance, or PMI, is one good reason to get a new mortgage. Consider How Long.

Best Answer: A reverse mortgage works for some people and not for others. It depends on the appraisal value of the house and their age. It depends on the appraisal value of the house and their age..