I'm thinking of doing a "reverse mortgage". Pro's and Con's anyone??
Answers:
i think it is a great course for seniors to hold extra sure income monthly to cover the nice things that they deserve in the senior years == heck beside the children -- they be angle permit them fend for themselves!
Pros- steady income
cons- home won't be passed on to children, will own to find somewhere to live if you live longer than you expect
in attendance's not much downside to it really. I'm sure most citizens would generate living arrangements until that time the time expired. You could move into a nursing home from go underwater and settle up for it next to the payments.
It adjectives depends on how your home is owned and who stands to inherit when the bound to happen happen. Whoever inherits will be liable for the debt incurred beneath your reverse mortgage. That could be considerable.
In California at lowest possible, your house have to be completely up to code for you to qualify for a reverse mortgage.
It would be a exceptionally fitting theory to speak near a supporter and ask him/her your sound out.
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