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why you should not get a reverse mortgage

If you have invested wisely but you’re looking to weather a market downturn, or simply set up a "rainy day fund" in the form of a line of credit, this may be a reason for considering a reverse mortgage. And, a few reasons not to get a reverse mortgage. Of course, a reverse mortgage is not the right move for everyone.

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When You Should and Should Not Get A Reverse Mortgage FREE REVERSE MORTAGAGE E-BOOK Get this 28 page Consumer Guide packed with all the facts you need to make an informed decision to see if a reverse mortgage is right for you.

You do not need to pay back your reverse mortgage as long as you continue to live in your home, and you do not have to make any payments on the loan. However, you will need to keep up with other housing costs like property taxes, homeowners insurance, repairs and association dues.

[Read: How to Find the Best Reverse Mortgage Lender] Proprietary reverse mortgages are similar to HECMs, but they do not have government. depends on what you hope to get out of refinancing.

Why you might want to pay your mortgage early. To be fair, there are some situations where it does make sense to pay your mortgage early. If you have a mortgage that has a high interest rate, or a.

12 Responses to “Is reverse mortgage interest tax-deductible?” ken solstad Says: January 27th, 2010 at 10:29 am. I’ve found people are surprised by this but cannot figure out why.

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How do Reverse Mortgages Work? When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you.Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity.

If you’re at least 62 years old, are having financial issues, and have equity in your house, you might be considering taking out a reverse mortgage, filing a bankruptcy case, or both. Although both will address money issues, using both together might cause you to run into a problem, especially if.

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