Posted October 15th, 2010 by admin
When financial troubles come your way, your home’s equity may be your saving grace – but should you sell your home or get a reverse mortgage in these instances?
When deciding, should you sell your home or get a reverse mortgage, the biggest factor may be where you are planning to live. If you want to live in your home and cannot move, due to circumstances like medical reasons or even sentimental reasons, you should not sell your home. You must leave your home if you choose to sell it – so if the house means a lot to you, your only choice may be a reverse mortgage, or some other form of loan. Selling the house is only an option if you do not mind leaving it.
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Should You Sell Your Home or Get a Reverse Mortgage?
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Posted April 24th, 2009 by admin
Ever wonder how a reverse mortgage works? For folks that have lived in their home for a long time, they may very well be sitting on a gold mine. Home prices have increased greatly over the last thirty years, and nationally have nearly doubled in value over the last ten years.
This has left a great many homeowners with valuable equity in their homes and many different options to access that equity, home equity loans and mortgage refinances being the most common. For older Americans, there is another, less common option that is growing in popularity as home prices have increased and baby boomers have moved closer to retirement age: the reverse mortgage. But do you know what it is, and do you know how a reverse mortgage works?
