It can be difficult to explain all of the intricacies to some people in a way that they understand. " Reverse mortgages do not produce free money. Additionally, the article implies that many seniors are not aware of the ramifications of not keeping their homeowners insurance policies in effect as well as paying their property taxes. Ruedy believes they can be an effective method for tapping the equity in a home - but only if the homeowners opting for reverse mortgages fully understand how the reverse mortgage process works and are able to meet the financial responsibilities required by this type of loan.Īccording to a Jarticle authored by Susan Taylor Martin and published in the business and personal finance section of The Boston Globe entitled, "The Fix that Failed: Reverse Mortgages," Reverse mortgages can be a useful financial tool for homeowners who have substantial equity, who intend to live in their homes for many years, and who plan to take the cash out over time instead of all at once.Īccording to Jason Ruedy, the article implies that many seniors (people over the age of 62) who qualify for reverse mortgages don't fully understand the associated terms and are under the impression that they (or their heirs) will not have to repay the reverse mortgage loan and its accumulated interest when the homeowners either move or pass away. While many deem reverse mortgages to be a poor choice, Mr. However, he believes this type of loan is an excellent option for seniors who meet a certain set of criteria. Ruedy, is not a proponent of reverse mortgages for every senior. Denver, Colorado (PRWEB) J- The Home Loan Arranger, Denver Mortgage Broker Jason M.
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