Is a reverse mortgage a good loan if my house is paid off?

And who issues them besides HUD?Is a reverse mortgage a good loan if my house is paid off?
It can be if you are either struggling financially, or simply want to have more funds to enjoy retirement.





A ';reverse'; mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older. More information about reverse mortgages can be found here......





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________________________Is a reverse mortgage a good loan if my house is paid off?
Please feel free to contact me.I am a Reverse Mortgage Specialist/Advisor with 1st Mariner Bank.


I am licensed in all 50 states.


Wes Hudson


910-262-4083


www.reversemortgagesnc.com

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HUD/FHA do not provide direct financing nor does it set the interest rates on the mortgages it insures. In order to initiate the loan application process, please contact an FHA approved lender.
No, A better loan is a home owner line of credit (HELOC)





In my opinion a reverse mortgage is only viable if you are old and struggling financially on a fixed income. But if you are young or middle aged, and still working, there is no reason to hand over interest of your best asset to a bank.
Go online to Reverse Mortgage.com and take a look at the information you'll find there. If you are over 65 and have no outstanding debt against your house, you are eligible for a reverse mortgage. The downside is that you may live longer than the reverse mortgage will be paid. After that time, there's little you can do besides selling your home if you need additional funds.


Read the information carefully and make sure you understand it. Have an attorney review any written agreement. All things considered, it can be a good way to help with your finances after retirement.