Why I Would NEVER Get a Reverse Mortgage

Posts Tagged ‘Debt Consolidation’

Why I Would NEVER Get a Reverse Mortgage

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The Reverse Mortgage Myth Many people harbor misconceptions about reverse mortgages. They often associate them with negative stereotypes, believing they’re a last-ditch effort for desperate homeowners. This stigma originated many years ago due to media frenzy around situations in which a reverse mortgage was not the actual cause of any problem and government regulations that…

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Debt Consolidation: Is It the Right Choice for You?

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Understanding Debt Consolidation Debt consolidation is a strategy used to pay off debt by combining multiple debts into a single payment. This can be achieved through a debt consolidation loan or a debt management plan. While it may seem like a simple solution to financial woes, it’s important to consider the potential drawbacks, particularly for…

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Northwest Reverse Mortgage powered by Amerifund NMLS #347051. Equal Opportunity Mortgage Broker. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.