What is a reverse mortgage?
How does it work?
Advantages of a reverse mortgage!
Disadvantages of a reverse mortgage!
Where can you get a reverse mortgage?
How do you qualify?
Tips to keep in mind!
Before you make a decision, be sure you also consider:
Be sure you fully understand the terms and conditions of the contract before you sign it. By exploring all of your options, you will be better able to make the decision that best suits you.
Ask all of these questions before you commit to a reverse mortgage:
- What are the fees?
- Are there any penalties if you sell your home within a certain period of time?
- If you move or die, how much time will you or your estate have to pay off the balance of the loan?
- At your death, what happens if it takes your estate longer than the stated time period to fully repay the loan?
- What happens if the amount of the loan ends up being higher than the value of the home when it’s time to pay the loan back?
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