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Old 07-13-2017, 08:23 AM
asma asma is offline
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Join Date: Jun 2017
Posts: 12
Default Is Reverse Mortgages Useful?

Hi, What are the uses of Reverse Mortgage?
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Old 07-13-2017, 08:28 AM
divi divi is offline
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Join Date: May 2017
Posts: 103
Default Re: Is Reverse Mortgages Useful?

Hi, Yes it is useful if you are in need of money. But it is eligible only for old people above 60 years. http://www.mymoneysouq.com/financial...mortgages-uae/ check this about uses.
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Old 08-16-2017, 01:23 AM
emortgageconnect emortgageconnect is offline
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Join Date: Aug 2017
Location: USA
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Cool Re: Is Reverse Mortgages Useful?

Reverse Mortgage / FHA HECM
The Reverse Mortgage is a way for senior home owners to access their home equity when they might not be able to otherwise. Sometimes the expenses associated with home ownership are more than what a home owner can endure with sometimes limited income.

No payments?
If you are having a hard time making your monthly mortgage payment, or if you simply just need some extra cash each month, the reverse mortgage may be right for you. It may allow you to free up some cash flow by stopping your mortgage payment, and using the equity in your home to pay you.

This could be in the form of a lump sum, structured monthly income, a line of credit that you may draw from as you wish, or even some combination!

How does this impact your heirs?
Reverse mortgages are still a mortgage. Your heirs may have the choice of paying off the balance of the mortgage, or selling the home. The proceeds of the sale may be used to pay off the mortgage and the excess funds will pass to your heirs. They may also be able to refinance out of the reverse mortgage and keep the home. In any case, they will not need to pay more than the appraised value.

This is a way where you may make your lifestyle more comfortable during your retirement.

This is a loan program that we are proud to offer. You can expect top notch service throughout the process. Speak with a loan professional to find out what reverse mortgage options you have available today!
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Old 08-16-2017, 03:26 PM
Kuznec Kuznec is offline
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Join Date: Jul 2017
Posts: 10
Default Re: Is Reverse Mortgages Useful?

What is the catch of this reverse mortgage? Everything can not be as smooth as it is painted.
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