November 9, 2009 —
Times are a changing, and the U.S. population continues to age, bringing more and more people closer to retirement. Many hopeful retirees have a substantial portion of their net worth tied up in their homes. What if you are unable to make your mortgage payment comfortably and want to stay in your home?
You may want to consider a reverse mortgage, which could allow you to stop making mortgage payments and even receive a monthly income. Instead, the amount you would owe in the form of a payment in addition to a hefty "fee," would be accrued and added to your principal balance (negative amortization). When you pass on or sell the house, your mortgage would be paid off.
Currently, only FHA is offering this program, and it is not right for everyone and should be thoroughly understood. The AARPhas valuable information on this topic.
There are many options available, and some people may need to tap into the equity in their home without having to make monthly payments common when drawing on a HEQ line of credit.
For more visit www.investinvail.com/
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