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Homeowners living in Quakertown PA may have heard about reverse home mortgages and wondered if pursuing one is a good idea. There’s tons of information online about the advantages and drawbacks of reverse mortgages. It can get confusing! Here are 4 scenarios when reverse home mortgages make sense.
Downsizing Is Not an Option
If you need a bit of financial breathing room, you could create it by selling your home and buying a home in Quakertown that is less expensive. If you are dead-set against moving to another house or condo, a reverse home mortgage may be the answer to give you the extra monthly income you need.
The House Will Be Your Home for a Long Time
Reverse home mortgages require insurance. If you plan to sell soon, it will probably be difficult to recoup the money spent on the reverse mortgage. Staying in the home a long time, however, allows the home’s value to grow to cover the insurance, fees, and loan value.
You Can Cover Home Expenses
Barely getting by, even with the reverse mortgage, can set you up for foreclosure. If your current income coupled with the monthly reverse mortgage payments cover your necessities as well as the taxes, homeowner’s insurance, and repairs, then it makes more sense.
You Don’t Have Heirs
Reverse mortgages make it more challenging to leave your home to an heir. If you aren’t planning on leaving your home to children or other heirs, it’s more prudent to tap into your equity through a reverse home mortgage.
Living in Quakertown by getting a reverse home mortgage can be the best decision for your financial future. It pays to think about the different options available to you, and to talk to a professional lender about your decision.