Dealing with Huge Debt
The advantage to the buyer is that when the market fluctuates and the national average is above his fixed interest rate, he stays locked into the lower rate. The disadvantage is comes when the national average fluctuates below the buyer's fixed rate and he is locked into the higher rate.
While there are several reverse mortgage disadvantages to consider, these loans offer seniors many important benefits. For many seniors, their retirement income is not enough to comfortably cover all of their expenses. Getting a reverse mortgage will eliminate borrowers' mortgage payments and, in many cases, will also provide them with additional cash. Seniors can use this cash to add to their savings, pay off high-interest debts or afford important medical care. Since borrowers get to defer payment until they move, die or sell their home, getting a reverse mortgage will not add another bill to an already stressful financial situation. This is what draws many seniors to reverse mortgages, regardless of the possible reverse mortgage disadvantages.
My husband and I have been married for over thirty years. Our children are grown. We own our home , but have a mortgage. Throughout the years, there has been financial infidelity: When we got married, my husband was evading bills from retail stores. I only found out nearly a year later. He told me about a school loan only when they caught up to us approximately five years into the marriage.
Mortgage holders would prefer to work with homeowners rather than lose a mortgage to a competitor or foreclose on the property. A foreclosure benefits no one.
But this is just the beginning. Click here now to read the full article with all 5 things to look out for and get yourself ready for rising rates:
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Nine years ago, Sam and Jenny Thompson bought a home that was ten years old. They were savvy enough to buy their house just before prices went through the roof. They have well over $100,000 of equity in their home, but their home is showing signs of wear. It's time for a new roof, a new heating and air conditioning system, and they know that they need to have some dry rot repaired and have the house painted. They don't have much in savings, though, and want to borrow money so that they can get the repairs done.