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Considering a Reverse Mortgage? Here's what you need to know!
November 15, 2023 | Posted by: Angela Robinson
if you're 55 or older, a reverse mortgage can offer a way to access your home equity. However, it's crucial to weigh the pros and cons before diving in.
Pros:
✅ No need to sell your home or make payments until you move out or pass away.
✅ Tax-free income from your home's equity.
✅ Use funds for anything you desire: trips, renovations, debt payments, or medical expenses.
Cons:
❌ Lending criteria may limit accessibility.
❌ Interest rates are typically higher.
❌ Upfront costs include appraisal, application, and legal fees.
❌ Risk of interest compounding, reducing your equity over time.
Considerations:
- Explore conventional mortgage or home equity line of credit options.
- Renting can be cost-effective if maintaining your home becomes challenging.
- Discuss all options with loved ones and professionals to safeguard your equity.
Remember, it's essential to make informed decisions about your financial future, contact us for help!
Full article: https://www.thesudburystar.com/real-estate/mortgages/reverse-mortgage-pros-cons
