Benefits of Reverse Mortgage Pros & Cons

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Benefits of Reverse Mortgage Pros & Cons

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The fees for reverse mortgages are regulated by the HUD (US Department of Housing & Urban Development) with limitations and may be paid out of the loan proceeds. Medicaid and other asset-based benefits may possibly be affected . Social Security, Medicare or Pension benefits will NOT be affected as a result of a reverse mortgage.

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Reverse Mortgage Cons The federal government strictly regulates HECM reverse mortgages. Borrowers must qualify and meet the HECM requirements. You must have sufficient home equity to qualify for a reverse mortgage The value of your estates inheritance may decrease over time as the money from the HECM is spent You will still need to pay the Federal Housing Administration (FHA) mortgage insurance premium,

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Reverse Mortgage Pros You are able to access the cash in your home and use it to pay for anything you like now You will not have to make any mortgage payments Flexible disbursement of the funds with different options No loan repayments are required as long as you continue to live in the home You will remain the home owner and on title. All the money you receive from a reverse mortgage is tax-free The younger spouse continues to live in the home if the older spouse dies with no payments required Heirs still inherit the remaining home equity after paying off the reverse mortgage loan Interest rates on a reverse mortgage are much lower than other options such as car loans or credit card debt.

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For More Details You Can Visit Here Business Name Mortgage Wholesalers Address 19200 Von Karman Ave. Suite 600, CA City Irvine Country United States Phone No. 1-800-616-6256 http://mortgagewholesalers.com/reverse-mortgage/reverse-mortgage-pros-cons/

Summary: The fees for reverse mortgages are regulated by the HUD (US Department of Housing & Urban Development) with limitations and may be paid out of the loan proceeds. Medicaid and other asset-based benefits may possibly be affected . Social Security, Medicare or Pension benefits will NOT be affected as a result of a reverse mortgage.

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