{"id":144,"date":"2014-11-10T19:41:22","date_gmt":"2014-11-10T19:41:22","guid":{"rendered":"http:\/\/www.inspirecs.com\/blogs\/?page_id=144"},"modified":"2015-11-03T15:18:39","modified_gmt":"2015-11-03T15:18:39","slug":"reverse-mortgage","status":"publish","type":"page","link":"https:\/\/www.inspirecs.com\/blogs\/reverse-mortgage-transfers\/reverse-mortgage\/","title":{"rendered":"Reverse Mortgage"},"content":{"rendered":"

\"Reverse
\nREVERSE MORTGAGE: IT SHOULD BE THE LAST RESORT NOT THE FIRST<\/span><\/strong><\/em>
\nIf you are a senior citizen and you have an income which is not sufficient for the survival, you may opt for a Reverse Mortgage loan<\/strong><\/em>; let your house take care of you. How enthralling this sounds when someone tells you that the house that you have bestowed consideration since years will now care for you and pay you back. You can remain to stay in the house till you wish to, which could be effectively, the rest of your life. The choice of payment is free, you can get a monthly payment as long as you remain in your home or you may get a big lump sum amount upfront, and then you just live in the house, for as long as you wish. You can also the equity as a line of credit.<\/p>\n

Following are certain pros and cons, which should be taken into consideration before you finalise your choice:<\/p>\n

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  1. There are a lot of additional fee that might not be unveiled while you close a deal to opt for a Reverse mortgage. This will include the appraisal fee, a hefty origination fee (though it is capped). Apart from this you have to pay your mortgage insurance and the homeowner has to pay the taxes and insurance as well.<\/li>\n
  2. Make sure that both spouses own the house. Why? For say if the wife dies, the house was in her name, the husband, who isn\u2019t listed as an owner of the home, will have to pay back the loan on the house, and on failure he may lose the house.<\/li>\n
  3. A reverse mortgage should be a last resort, not a first resort. Following are some of the cases:\n