AARP found that 25.5 million folks over fifty have a mortgage, and a lot of them are on fixed incomes, making it tricky for them to catch up on skipped payments. Even if you are still making mortgage payments you might qualify for a reverse mortgage if your house has equity is important. If you already own a home free and clear but have seen your retirement nest egg decline due to the money crisis, a reverse mortgage may be the thing that enables you to continue living nicely.
Why employ a Reverse Mortgage? Not everybody has the same money situation. But many folks who take out reverse mortgage loans do so because they've encountered big hospital bills or other astonishing expenses. People use the money from their reverse mortgage to pay for long term care insurance.
So how does one know whether a reverse mortgage is a smart decision in today's economy? Ask some questions : Are you behind on home loan payments but have lots of equity in your home? Do you own your house free and clear but are fighting with medical or other enormous bills? Are you wrestling with tax payments although you own your house outright? Are you in danger of filing for bankruptcy or foreclosure? Getting a reverse home loan is one possible answer to your money troubles.
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