5 Key Reverse Mortgages Pros And Cons
This happens by using a part of the home equity and by turning that into cash money with the timetable a senior has wanted
. The biggest thing among the reverse mortgages pros and cons is the fact, that a senior can get more cash money from the only available source.
1. Who Can Use This?
The qualification for the senior reverse mortgage has been done easy. All seniors, who are at least 62 and own their homes, where they have equity left, can qualify. And all the usual home types can be accepted.
A senior can use the money, how he wants and he has not to make any report about that. But of course this kind of a long term loan requires a serious purpose, like the increased medical bills, home repair or so.
2. Can My Spouse Also Become A Borrower?
This is a typical question and the answer is yes, if the name of your spouse is in the title, i.e. he or she is the owner. Altogether three persons can be the borrowers but in that case all must fulfil the qualifications.
3. When Do I Pay Back?
One of the features of the reverse mortgages pros and cons is that nothing will be paid back monthly, because the target was to give a senior more disposable money every month. All will be paid back, when the loan will be closed, which happens when the borrower will sell the home, move away or die. Then the home will be sold and all the loan costs will be paid away.
4. When The Home Is Sold, Will I Get Anything?
The borrower will remain as an owner, which means that he will enjoy about the home price increases. Usually the price increases are bigger than the interest rates, which is a nice added source of money. When the loan costs and the capital have been paid away the rest of the money belongs to the borrower.
5. Are The Reverse Mortgages More Expensive?
This loan type is slightly more expensive than the usual mortgage loan. The costs include these items: the compulsory mortgage insurance: 2 % of the appraised value, the origination fee, the cap is 2 % of the first $ 200.000 and after that 1 %, with overall cap of $ 6000, the title insurance, the title, county recording and attorney fees, the real estate appraisal $ 300 - $ 500, the survey ( in some cases ): $ 300-$ 500 and the monthly service fee, from $ 25 to $ 35.
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