Robert Jackme Blog

For some people, yes. They have asked pertinent questions like: Do I want to maximize what I can leave to my heirs? Am I going to live in my home deep into my retirement? How much extra income will I need to meet my needs? Can I pay the taxes, insurance and meet all the obligations that come with a reverse mortgage? Unlike all those people who’ve been foreclosed on, do I really know what I’m getting into? If the answers to those questions are sketchy, you should consider a safer financial route like a traditional home equity loan or line of credit. Whatever the decision, seek personalized advice from a financial counselor or debt-management agency. Tom Selleck might say reverse mortgages are not too good to be true. But Magnum P.I. showed that it always pays to investigate

What is Reverse Mortgage? As the word ‘reverse’ shows it is totally reverse to the regular mortgage. Under  Reverse mortgage loan , initially the borrower retains a high share in his property and receives a regular income. Over the time, when loan amount increases, owner’s share in the property decreases. To learn more about Reverse Mortgage, you have to look know some positive impacts and some negative impacts. Reverse Mortgage is not beneficial in some cases. Positive Impacts of Reverse Mortgage: Reverse mortgage loan as retirement tool: As many people said reverse mortgage has many disadvantages but I am not totally agreed with them. Everything is not for everyone. What I want to said is Benefits of reverse mortgage is varies from person to person, circumstances to circumstances. I recommend those retiree who are 62 or above with house owner to go with reverse mortgage, only if they don’t have any guardian who can support them financially. Because in t...