3 Dangers of Owning a Home in Retirement

3 Dangers of Owning a Home in Retirement There are certain pitfalls you might encounter as a senior homeowner. If you’ve owned a home all your life, then you might assume that it makes sense to continue doing so in retirement. After all, you’re used to your living space, and if you’re lucky, your property…

Who benefits from higher home prices with a reverse mortgage? Q. When there is a reverse mortgage, what happens if the value of the home goes up? Does the owner get the difference between the mortgage amount and the higher home value, or does the mortgage company get it?— Homeowner A. Let’s go over how…

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**The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, you are required to consult with a qualified independent housing counselor and include family members and other trusted advisers before making this decision. This information is not from HUD or FHA and was not approved by HUD or any government agency.

3 Dangers of Owning a Home in Retirement

Archive for January 27, 2020