It’s important to be well advised when it comes to your reverse mortgage loans. Knowing all the pros and cons of reverse mortgages can help you significantly in choosing what you feel will work best for you. Keep in mind that while we will advise you on what we think would be most advantageous for you after our face to face meeting; the final decision is still yours.

The Benefits of a Reverse Mortgage

One of the benefits of a reverse mortgage for seniors is that you remain the owner of your home. There is a misconception when it comes to reverse mortgages. Numerous people think that the lenders claim ownership when in fact they don’t. As long as you comply with the terms of your agreement and pay your rates and home insurance, you retain ownership of the house. Another more attractive benefit of a reverse mortgage is that you don’t spend funds, you receive them. This is different to traditional mortgages because the loan is repaid when you sell your home or move to another property.

The Pros and Cons of a Reverse Mortgage

There are also various pros and cons of reverse mortgages and it is important for you to understand them. An important pro would be that it assists elders aged 60 and older to live more comfortably throughout their retirement. This is highly beneficial as no one wants to live out their golden years stressing. Another advantage would be that loan proceeds are not generally considered taxable income therefore whatever you get out is yours. Finally, and many find this to be the more enticing benefit: After your loan is paid off, all remaining equity belongs to you.

Unfortunately, like all good things, there are downsides as well. For instance, the loan balance will increase over time; fees could be higher than with a traditional mortgage, and it may result in fewer assets available to leave in your will. The house could still be left to whoever you desire but they will be in responsible for any outstanding payments. Generally, the loan is paid off when the house is sold.

Face to Face Meetings Illuminate

Reverse Mortgage Financial Solutions can help you understand all the benefits and advantages of taking a reverse mortgage. We are committed to providing the best service by giving you in-depth knowledge on how you can improve your retirement lifestyle. We will always recommend a face to face meeting to ensure that we get the best understanding of your needs and requirements. Having all the information possible will help us greatly in providing you with the best loan options for your situation.

Contact us today to make an appointment and change your golden years into a stress-free standard of living. The time to be well advised is now with our top of the range advisors ready and waiting to assist with your needs.