Advantages And Disadvantages Of A Reverse Mortgage

February 26, 2008 8:15 am admin Home

As with any business undertaking you have to consider the Advantages And Disadvantages Of A Reverse Mortgage. Probably the greatest plus factor of a reverse mortgage is that there are no repayments as long as you live in the house – and you can live in it as long as you want to. You can qualify for a reverse mortgage and not have to repay your current mortgage loan. Seniors find these advantages extremely attractive as they can raise cash on a reverse mortgage in order to pay off their existing loan. Payment methods are flexible namely lump sum payments, monthly payments, a credit line or even a mixture of these. There is no danger of over borrowing as you can never get a reverse mortgage that is higher than the value of the house concerned.

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