A Reverse Mortgage is a type of loan that does not require payments until you sell or move out of your home. If you are age 62 or older, live in your home, and have equity in your home, you could qualify for a reverse mortgage.
Reverse Mortgage loans are not for everyone though. Before deciding to take out a reverse mortgage, you need to take some time to consider the pros and cons. You should also check around to see which lenders have the best reputation in your area. Once you compile a list of a few lenders, you should visit their website, call them, and speak with each of them.
Taking the time to select the right reverse mortgage lender to partner with will save you time and money when it is time to repay the loan. When speaking with the lender make sure to ask if there are any hidden fees or stipulations that have not been clearly discussed.
Afterwards, you should take your loan paperwork to a financial adviser or attorney so that they can review it and look for any deceptive terms. Several scams exist in the reverse mortgage market and some senior have even unknowingly signed their homes away.
Carefully considering who to work with, review the terms and contracts with an attorney, and asking a lot of questions are all great ways to make sure you get the best possible reverse mortgage loan.
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