buying a home with a reverse mortgage
This is the last portion of a summary that discusses Boston College’s ebook that they published, providing useful information about how to benefit from a Reverse loan.
It does mention that using the loan is not necessarily an option for everyone and it’s important to get the correct information before applying for it or ruling it out. There are too many individuals out “there” who are not qualified to provide information that is reliable and accurate and you want to make sure that you are not receiving information that is incorrect.
The best way to do research, is to set up an appointment with a HUD approved counselor and discuss the details and options with them. They are specifically trained to help people navigate their options and it’s well worth the hour time to do it over the phone and learn about how the federal program works and if it is the correct fit for you and your situation.
I will post the remaining part of the article and at the bottom of the page, I will also provide three phone numbers for some of the HUD approved counseling agencies if anyone wants to speak with a counselor and get accurate information about Reverse loans.
Boston College eBook Touts Retirement Benefits of Getting a Reverse Mortgage
Posted By Jason Oliva On September 16, 2014 @ 6:02 pm In HECM,News,Retirement,Reverse Mortgage
“A reverse mortgage has long been described as a viable financial resource to help aging homeowners age in place, however, it has also repeatedly been described as a solution that is not “one-size-fits-all.”
For this reason, the Center for Retirement Research encourages prospective borrowers to use online resources, including a reverse mortgage calculator from the Department of Housing and Urban Development if they would like to learn more about their options and the finer details of the home equity-tapping loans.
“Your house has many uses. It’s your home. It’s wealth you can use as a reverse or bequest. And it’s a potential source of income. How you use it depends on what you need and value,” the ebook concludes.”
Debt Helper 800-920-2262
Money Management 877-908-2227
National Council on Aging 866-698-6322