The costs of a reverse mortgage are higher than those of a standard mortgage. Interest rates on the reverse mortgage are slightly higher than traditional mortgages as well, and there’s a 1.25% annual fee for the mortgage insurance premium imposed by the FHA.
Our reverse mortgage guide was created by Harry Jensen, a mortgage expert with almost five decades of industry experience,many borrowers through the reverse mortgage process while advising countless others against getting one.
A "reverse mortgage" is a tax-exempt home loan that allows a homeowner to take cash-out of their home using their existing home equity, without taking on a monthly payment or having to sell their property.. These types of mortgage loans are only available to homeowners aged 62 or older, who occupy a property as their principal residence.
Take a hard look at expenses The truth is, many of us lock ourselves into expenses that. you need to pay your rent or mortgage, the utilities, and of course if there are children, childcare.
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