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Below are some examples where borrowers used a Reverse Mortgages as a financial tool, to achieve their intended goals. This tool is not right for everyone. However, here are some examples that worked for some:
1. Reverse mortgage for purchasing a property:2. Reverse refinance: For borrowers who want to stay in their homes, but would like to remove the obligation to pay the mortgage, they can simply refinance their current loan with a fixed rate reverse mortgage. The new loan would pay off the old loan, and the payments would be optional.
3. Additional income: The tenure option, provides tax free monthly income to borrowers. Each borrower can choose how they want to spread the payments out. However, many borrowers have signed up for more than 15 years of $5,000 per month loan disbursements. This additional and reliable, $5,000 per month tax free income, is very attractive to some.
4. Investment purposes
1. Reverse mortgage for purchasing a property:2. Reverse refinance: For borrowers who want to stay in their homes, but would like to remove the obligation to pay the mortgage, they can simply refinance their current loan with a fixed rate reverse mortgage. The new loan would pay off the old loan, and the payments would be optional.
3. Additional income: The tenure option, provides tax free monthly income to borrowers. Each borrower can choose how they want to spread the payments out. However, many borrowers have signed up for more than 15 years of $5,000 per month loan disbursements. This additional and reliable, $5,000 per month tax free income, is very attractive to some.
4. Investment purposes
