{"id":1941,"date":"2019-03-02T14:26:36","date_gmt":"2019-03-02T19:26:36","guid":{"rendered":"https:\/\/www.lendvious.com\/blog\/?p=1941"},"modified":"2019-10-09T08:44:42","modified_gmt":"2019-10-09T12:44:42","slug":"reverse-mortgage-is-it-good-for-you","status":"publish","type":"post","link":"https:\/\/www.lendvious.com\/blog\/blog\/2019\/03\/02\/reverse-mortgage-is-it-good-for-you\/","title":{"rendered":"Reverse Mortgage- Is It Good for You?"},"content":{"rendered":"

Often considered as the last-resort for sourcing funds, the reverse mortgage has been a subject of debate for a long time now. Critics argue that reverse mortgages are risky, complicated, and expensive. However, they have been a popular and useful retirement planning tool for homeowners. If you\u2019re considering a reverse mortgage, here\u2019s everything you should know about it.<\/span><\/p>\n

What is a reverse mortgage?<\/h2>\n

This is a type of home equity loan that requires no monthly mortgage payments. Homeowners over 62 years of age are eligible for reverse mortgages. The main feature that sets a reverse mortgage apart from other conventional mortgages is that the borrowers can receive the home\u2019s equity as monthly payments, lump sum or a line of credit. The principal and interest due keep accruing until the house is sold and the loan is repaid. This happens when the homeowner passes away or moves out.<\/span><\/p>\n

Is a reverse mortgage right for you?<\/h3>\n

A number of borrowers use a reverse mortgages to eliminate existing mortgage debt and to improve their monthly cash flow. Some opt for it when they have an immediate need to pay off debt, or unexpected expenses such as a health situation. However, this option only makes sense for you if you:<\/span><\/p>\n