If you watch television, read magazines or surf the net, youâ€™ve probably seen ads for reverse mortgages.Â Those ads donâ€™t provide many details, so here are the basics you need to know about reverse mortgages.
Are you eligible for a reverse mortgage on your Brooklyn NY real estate?
To be eligible for a reverse mortgage, you must:
When does the reverse mortgage loan become due?
As the homeowner, you do not have to make any monthly payments on your reverse mortgage.Â The loan becomes due when you:
Should you get a reverse mortgage on your Brooklyn NY real estate?
The Consumers Union, the nonprofit publisher of Consumer Reports, suggests you consider all alternatives to a reverse mortgage before taking the plunge.Â Alternatives you may want to consider include less expensive programs offering financial assistance, other lower-cost loans or selling your home.
You may want to get a reverse mortgage if you:
You may NOT want to get a reverse mortgage if you:
As always, when you consider taking out a loan of any type, do your homework to make sure this is the right move for you, be sure to read all of the fine print and understand exactly what it is youâ€™re signing.
If youâ€™d like some help determining if selling your home, getting a reverse mortgage or some other lower-cost loan is best for you, give me a call Charles Dâ€™Alessandro of Fillmore Real Estate call today at 9718) 253-9600 ext 206 or email me at firstname.lastname@example.org.