Reverse Mortgage

2011-11-03 | 08:49:17

November 3, 2011

I went to a real estate course about Reverse Mortgage last week and I would like to share some info with you.

The reverse mortgage concept is simple. Property owners use a reverse mortgage to convert equity into cash without selling their property or having to repay until some time in the future.  For those who don't want to move now, or perhaps ever, a reverse mortgage provides a way to access home equity while retaining possession and ownership of loved or valued real estate. These financial, lifestyle, and wealth management tools allow homeowners to spend the equity in their home or cottage to improve their standard of living, explore new lifestyles, or take on wealth-building projects.

However, a reverse mortgage is not a panacea, nor, contrary to its name, are its effects easily reversed. - Excerpt from Reverse Mortgages: Best friend, worst enemey... your choice. PJ Wade

The design of specific reverse mortgage products can involve a number of different approaches to achieve this common equity conversion objective. The complexity of comparing one reverse mortgage product over another, commercial or private, is usually fuelled by differences created and cultivated by marketing initiatives and sales campaigns.

This equity conversion method may become your worst enemy if you arrange a reverse mortgage before completely exploring all the alternaives and later realize you overlooked a better, cheaper, more acceptable solution. When a reverse mortgage is not the best solution, it may unnecessarily, and probably irreversibly, erode equity and, therefore, may reduce your futures choices. - Excerpt from Reverse Mortgages. PJ Wade

To know more about this subject visit:

www.TheCatalyst.com ; www.aarp.org ; www.nrmlaonline.org ; www.bestfriendwortsenemy.com ; www.chip.ca ; www.homequitybank.ca