How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage

When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line.

Let's start on a positive note, you could do what most borrowers do and opt for the reverse mortgage line of credit. Just think about how you would then be able to draw on the loan whenever money is required for daily living expenses, medical bills, prescription costs, home repairs, etc. This could really enhance your retirement years including in-home care expenses in later years.

Furthermore, your new found income does not affect regular Social Security payments or Medicare benefits. And lenders cannot foreclose on the loan for the life of the borrower.

Okay, that's all well and good but how do you turn the major disadvantages of a reverse mortgage into a positive one? It's all in the perspective. For every negative there is a positive to obtaining this loan.

It's true a reverse mortgage loan may affect your eligibility for state and federal government assistance programs such as Medicaid but it also gives you an important financial cushion and does not (as mentioned above) affect your regular Social Security payments or Medicare benefits.

You also have no monthly payments to make. Granted, the amount you owe continues to grow larger over time but you also have more cash on hand to enhance the quality of your current lifestyle. Look at it this way, you will now have all the money you need (and want). After all, it's your money. True, you won't have the full selling price of your home to leave your loved ones but if they're financially sound in their own right, do they really need a substantial inheritance?

Furthermore with the new found cash, you could re-invest into other income-generating streams such as stock and option trading. But that would be another story with its own pros and cons.

It all comes down to what's important to you, what your current financial needs are and if leaving money to heirs is something you feel you need or want to do.

To take a look at the basics of a reverse mortgage tips and info, get more details from http://www.wealthmountains.com/finance/reverse-mortgage-tips-info.htm

This article is part of the resources, guides and tools dedicated to your financial successes found on Keith Choy's WealthMountains Site. Visit his site at http://www.wealthmountains.com/finance

---

Reverse Mortgages: When Is One Right For You?

How do you know if a reverse mortgage is right... Read More

Bad Credit Refinance Loans - Finding a Good Lender

Finding a good lender to help you with refinancing your... Read More

How To Determine The Price Of Your Home

Why is it that some homes sit on the market... Read More

Mortgage After Bankruptcy

Most people probably assume that obtaining a mortgage to purchase... Read More

What is a Buy To Let Mortgage?

A buy to let mortgage is a mortgage on a... Read More

Home Loans

Buying a home remains the great American dream. Home ownership... Read More

Tips For First Home Buyers On Getting Home Loans

Buying your first home will likely be the biggest and... Read More

The Zero Down 80/20 Mortgage

This is an excellent loan for those that are lacking... Read More

Need Mortgage? Alternative Finance Often Masks Predators, Who Want to Steal Your House

So, your bank had just turned you down for a... Read More

Home Mortgage Loans For People With Bad Credit - 3 Ways To Improve Your Chances For Getting Approved

Finding home mortgage loans are a reality for people with... Read More

Mortgage Research Good News for House Buyers

Figures from the Council of Mortgage Lenders show that in... Read More

Home Equity Loans - 5 Useful Application Tips

Obtaining a home equity loan does not have to be... Read More

Guide to Remortgages

Here is a useful guide to remortgages. What is a... Read More

Interest-only Mortgages Have Their Pitfalls

Rising home prices, particularly on the East and West coasts... Read More

Mortgage Questions to Ask Your Lender

Buying and financing a home today can be overwhelming. Here... Read More

How to Find Cheap Home Improvement Loans

If you have home improvements that you'd like to see... Read More

Refinancing Online - Get The Best Refinance Home Loan You Can Get

When going to refinance or get a mortgage loan quote,... Read More

Home Equity Loans 101

A secured home loan differs from an unsecured loan in... Read More

Free Home Equity Loan Information

Home equity loan information can sometimes be confusing and misleading.... Read More

The Truth About Shopping for Mortgage Rates

With so much lender advertising focusing just on rates, you... Read More

Mortgage Terminology for the First Time Home Buyer

Buying a Home for the first time can be a... Read More

Types of Mortgages

Here is a useful guide to the different types of... Read More

Interest Only Home Loan ? Is It Right For You?

There are many benefits to interest-only mortgage loans. There are... Read More

Home Loans -- Federal Regulators Warn Lenders to Be More Careful

Federal banking regulators have recently expressed some concern over the... Read More

Home Refinancing Scam ? Thieves Use Identity Theft to Steal Your Equity

Since the demise of the stock market in 2000, the... Read More

Secured Loans For Home Improvement ? When You Can?t Buy A Luxury Home

A house is just perfect with chipped walls and broken... Read More

Sub-Prime Mortgage Loans - Things You Should Know About Sub-Prime Mortgages

Sub-prime mortgages are not that much different from average mortgages.... Read More

Non-conforming Home Loans vs Conforming Loans

The simple definition of a "non-conforming home loan" is: You... Read More

Home Equity Line of Credit or Second Mortgage Loan Online - Things To Do With Your Homes Equity

If you are wanting to get a home equity loan,... Read More

Mortgage Terms Explained

When you are hunting for a mortgage, you will find... Read More

Ending Your Private Mortgage Insurance Early

Private mortgage insurance, or PMI, is the safety net of... Read More

Basic Tips for First Time Home Buyers

The first time you purchase a home is an exciting... Read More

Home Equity Loan vs. 401(K) Loan -- Which Should You Choose

Home Equity Loan vs. 401(K) LoanYou've finally decided to add... Read More