why is a reverse mortgage a bad idea

what is stated income what is an 80% stated income investment properties? | Yahoo. – The stated income basically states that you wont provide supporting documenation showing your weekly, monthly, or yearly income. The investment property means that the property your trying to mortgage is not your primary residence, you have this to most likely rent out.

Is Reverse Mortgage a Good Idea Or Bad Idea Four Ways You Can Pay Off Your Home Mortgage Faster – Final Word On Paying Off Your Mortgage Faster Time is on the side of the banks with a mortgage. What looks like a low rate could add up to hundreds of thousands over the course of thirty years in interest for the bank (and money out of your pocket).

Reasons Why a Reverse Mortgage Could Be Bad Idea. Getting a reverse mortgage can have its pros and cons, but at a fundamental level, don’t forget it’s essentially a loan against the value of your house. And like all loans, it must get repaid. Although there are many situations where a reverse mortgage is the right decision,

With that opportunity in mind, here are five reasons why you might want to get a new mortgage this year. according to the Mortgage Bankers Association. The lack of applications doesn’t mean buying.

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Rethinking reverse mortgages: bad move or bright idea? – Rethinking reverse mortgages: Bad move or bright idea?. Read More Shifting gears on reverse mortgages. A reverse mortgage enables homeowners of at least 62 years of age to get a lump-sum.

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Common misconceptions about reverse mortgages are that borrowers are. and has a good amount of equity in their home, using a reverse mortgage to pay off. To give an idea of the costs of the reverse mortgage for the.

Is a reverse mortgage a good idea for my parents? – Legal-and. – Is a Reverse Mortgage a Good Idea for My Parents? With all of the recent attention given to reverse mortgages, you may be wondering if it makes sense for your elderly parents to apply for one of these loans.

Reverse Mortgages Backfiring on Some Seniors – CNBC – Reverse Mortgages Backfiring on Some Seniors. Diana Olick. He and his wife Ophelia took out a reverse mortgage at the end of 2008 for about $300,000. They did it to pay off their regular.

Buy a Home With a Reverse Mortgage – Kiplinger – A reverse mortgage for purchase may help some seniors finance a new place to live.