Reverse Mortgage

Before making any huge financial decision, you should always do your due diligence in researching and understanding the pros and cons of your decision, especially if you are considering a reverse mortgage.  There are several questions you should ask yourself before obtaining a reverse mortgage and most importantly above all else you should have a clear understanding of what exactly a reverse mortgage is.

Reverse mortgages are available to those 62 years or older and you must own your home outright. It is a financial agreement in which the homeowner gives up the equity in their home in exchange for regular payments. The money can be used for anything like supplemental income, paying off debt or even home improvements. The loan is only repaid when the person moves out or dies.

Some important questions to ask yourself when thinking about getting a reverse mortgage are; do you have any heirs that might want the house; what are the fees in getting a reverse mortgage and how much will it cost me; how will homeowners insurance and property taxes be handled; do you really need to tap into your home equity now or should you save it for an emergency; and does your spouse want to continue living in the house after you die? Also keep in mind several factors like age, interest rate and the value of your home will also influence the total loan amount.

 

With any financial planning, it is always recommended to speak to a professional. At

The Golden Opportunity Network™ we help you create a safe, secure and detailed assessment of your assets and compare this against your long- and short-term needs. We will then have our experts review your overall situation (keeping your wishes in mind) and provide strategies that can help you. We provide these services free of charge and before we ever discuss exact details of transactions or commitments.

 

The Golden Opportunity Network™ mission is to have a holistic approach with assisting our clients better manage their golden years, our commitment to you is that we will find the right solution in a safe and secure manner.

https://www.goldenopportunitynetwork.com/

 

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