Reverse Mortgages are often thought of as an option of last resort. Reverse mortgages are actually a great tool, allowing those who have worked hard all of their life to live the balance of their life in relative comfort, certainly more comfort than would be available to them without the reverse mortgage option. There are many misconceptions about the features of a reverse mortgage. It's important to consult an expert, get the facts and make an informed decision as to whether it is a viable option. Once income starts to shrink, and the prospect of a reduction in standard of living reducing to match current income become a reality, the chance to give up some portion of your assets to maintain lifestyle, starts to make sense.

 

 

One of the issues that comes up, when a "rising debt" or reverse mortgage is considered is often, "What about the kids? I want to leave some money to my children." Reverse mortgages don't stop you from leaving money or assets to your children, just not the home you registered the reverse mortgage on. When you receive the proceeds from the reverse mortgage, you can always set aside a certain portion of the funds to go to your children in your estate. Part of the benefit of having money to share with your children, is the joy of seeing them enjoy it.

 

 

 With a conventional mortgage, someone borrows against the value of the house and then works to pay off the balance on a set payment schedule. With reverse mortgages, the opposite occurs, the lender pays out money to the homeowner, on a set schedule. The homeowner retains ownership of the home, and the term is for as long as the homeowner remains in the home. The mortgage is not due on the home until the last spouse moves out.

 

 

The terms of reverse mortgages include a clause that says the home will be sold, once the owners are no longer living in it. Once the owners have left the home (in a pine box), the children or executor of the estate will sell the home. The lending institution receives the money and gets to keep the profit, if any, to balance their risk on loaning the money. In the event that the home sells for less than the amount owed, the financial institution bears the loss. They are not able to go after the heirs for any balance not recouped from the sale.

 

 

The big advantage of a reverse mortgage is your ability to access the equity in your home, while you still live in it. The second main advantage is that you do not have to make payments on the money you borrow. You can elect to take a lump sum or a monthly income. Some government agencies offer purpose specific reverse mortgages and it is independent financial institutions that offer the greatest flexibility in allow you to spend the money as you wish. The older you are and the higher the value of the home generally predicates the amount you can borrow. This is a mortgage that requires researching a number of financial institutions and careful comparison shopping, as loan terms and amounts can vary enormously.

 

 

If you think this is may be the option for you or you need more information read further.

 

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