Reverse Mortgages – Get The Money You Need – Part 2 Of 4
To recap part 1, Reverse Mortgages are loans that allow you to borrow back the equity in your home. If you are 62 years of age or older, they are a way to borrow against the equity in your home to provide you with tax-free income. Probably a good idea if you’re a senior who needs cash for medical care, to maintain your standard of living, or for other reasons.
So, what are some of the disadvantages of Reverse Mortgages?
– They are even more complicated than conventional mortgages and the consequences of various options might not be always up front.
– They may be relatively expensive compared to other alternatives.
– Although the money you receive is tax-free, it may affect your eligibility for “need based” public assistance benefits such as Medicare, Supplemental Social Security Income (SSI) and Medicaid/MediCal.
– Reduces the equity you have in the property which could cause a potential negative impact for your heirs.
– This source of funds is often not well understood, even by real estate and legal professionals....
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