You Will Laugh At How Easy You Can Have A Better Understanding Of Reverse Mortgages
July 4th, 2009
There may be several reasons that a home owner may want to free off their equity using a reverse mortgage. The major advantage is that the loan does not have to be repaid to the lender until either the owner passes away, sells the property or relocates to a new place. If you’re in the US, you can only get a reverse mortgage on your first mortgage. As a general rule, we will not advise you to favor such an option.
Did you realize that by making an extra payment every year, you could save five to six years of mortgage payments? Sure, you get to write off your mortgage interest on your taxes, but that saves you only a few thousand dollars a year. Then you can write off a small amount on your taxes.
Why shouldn’t you do it and save thousands of dollars each month?
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