Is a Reverse Mortgage a Right Option for me? Reverse mortgage is often an underestimated retirement plan that older people often either mistrust or overlook. However, recently there has been increasing popularity for reverse mortgage, as its financial benefits and security that it provides to the older people is remarkable. Reverse mortgage involves the risk of some of your most valued asset like your home that you reside in, your life time savings and any source of fixed income. Which is why it is completely normal for someone to be confused about, and to some extent even be doubtful whether reverse mortgage is a good option for them or not. To help you in developing a better understanding of reverse mortgage and to wisely choose whether it is the right option or not, here are some detailed features and pros and cons of reverse mortgage. A reverse mortgage is more of a long-term plan. It is a plan that will last you for as long as you are alive and residing in the primary house. So, if you are in search for a more short-term, quick solution to something, then reverse mortgage might not be right for you. The Employment Research Benefit Institute conducted a survey that found out that 41% of the older age population does not have any retirement savings, and 44% of them do not have the sufficient retirement money that can fulfill their basic needs. If this is a case for you as well, then reverse mortgage might be the right option for you. Reverse mortgage will allow some extra cash to flow in to your home regularly. A reverse mortgage lender cannot take more money from you than the loan’s actual value, regardless of any drops in the value of them house. This means that the amount you have to repay will remain standard for as long as it’s paid. A reverse mortgage has high closing costs, which can be an important variable cost. If you plan on leaving your home as inheritance for your family, then reverse mortgage is not the right option for you. In a reverse mortgage, the house will be used as your way of paying the debt after you die. You must be entirely sure that you want to live your life in this particular home. If you plan on relocating any time sooner or later, then reverse mortgage is not for you. Reverse mortgage is a better option, or alternative to selling your home for cash. Selling your home can get you into loss because of the general decrease in property rates. However, a reverse mortgage will allow a regular flow of cash for you. If you are a reverse mortgage expert and are looking for clients who would qualify for one and would be interested in getting a reverse mortgage then you should reach us at www.inspirecs.com or call one of our sales representatives at 1-800-986-9315 EXT 1 01 now.
How Much Money can you get in case of Reverse Mortgage? Today, reverse mortgage is a very commonly chosen loan plan, specifically popular amongst older homeowners. Reverse mortgage is a mortgage loans that aims to provide you with the free-of-debt value of your home. This way, many old homeowners ensure security and safety in their old age. If you too are in search for a reverse mortgage and are unsure of where to start from, get in contact with INSPIRECS, who can guarantee to deliver you the most reliable and suitable reverse mortgage plans. How much money can you get? This is a big question most potential borrowers have regarding reverse mortgage. The amount of money you get with a reverse mortgage depends on 3 important factors that include: Interest rates The age of the youngest borrower The mortgage plan/program you have selected Usually, you can expect a 40 to 60 percent of your home’s actual value, however, this is subject to change considering the above mentioned factors. There are various ways of getting a payment through reverse mortgage that you can choose from. These include the following: Line of credit This payment method is the most reliable, guaranteed method that will also increase the monthly payments given to you as time passes. Line of credit payment method refers to you accessing the money only when you choose to or need to. This can help you save up a lot for a rainy day, and gives you full freedom as to when or not you need to take the payment. It is a popular choice of payment method amongst borrowers who would like to save up or do not necessarily require the amount instantly. Term and tenure payments This payment method is very self-explanatory by its name, as it refers to a method of payment where the borrower is given fixed payments over a fixed period of time or a “tenure”. The payments continue for as long as you live, or choose to reside in the home on mortgage. Lump sum This is a good choice of payment method if you are in need of a huge amount of money all together. Lump sum payment method lets you access all the proceeds of the loan all together at once. However, if you are looking for something that is more long-term, then you might want to re-consider this choice. Home purchase If you have any plans of relocating and selling you old home, this is the most appropriate plan for you. The home purchase plan works by letting you sell your own home, using the money from the sale and any other personal savings or source of income, and use that money to combine with your loan. This can give you a greater buying power. If you are a Looking for Reverse Mortgage Leads and are looking for clients who would qualify for one and would be interested in getting a Reverse Mortgage then you should reach us at www.inspirecs.com or call one of our sales representatives at 1-800-986-9315 EXT 1