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Reverse Mortgage Cons
There are many different reverse mortgage options: single purpose reverse mortgages, federally insured reverse mortgages, and proprietary (private sector) reverse mortgages. Each option has different advantages and disadvantages that need to be considered [link widoczny dla zalogowanych] when thinking about getting a reverse mortgage.
Single-Purpose Reverse Mortgages A [link widoczny dla zalogowanych] single purpose reverse mortgage is the lowest-cost type of reverse mortgages to get, but as the name suggests, it can only be utilized for one specified purpose. They're typically provided by state or local government agencies. These loans wonderful for individuals who need cash for a [link widoczny dla zalogowanych] particular [link widoczny dla zalogowanych] purpose [link widoczny dla zalogowanych] such as paying property taxes or improving [link widoczny dla zalogowanych] their homes. Here are descriptions for several different types of single purpose reverse mortgages:
Property tax deferral (PTD) [link widoczny dla zalogowanych] mortgages are reverse mortgages that provide loan advances for paying property taxes.
Deferred payment loans (DPLs) are reverse mortgages providing [link widoczny dla zalogowanych] lump sum disbursements for repairing or improving houses.
Federally Insured Reverse Mortgages A federally insured reverse mortgage is the [link widoczny dla zalogowanych] only reverse mortgage insured by the Federal Housing Administration (FHA). These reverse mortgage are one of the lowest-cost multipurpose reverse mortgages currently available. Overall [link widoczny dla zalogowanych] they usually [link widoczny dla zalogowanych] provide the largest total cash benefits of all the reverse mortgage options. The proceeds from [link widoczny dla zalogowanych] a federally insured reverse mortgage [link widoczny dla zalogowanych] can be used for any purpose. These loans are also known as Home Equity Conversion Mortgages (HECMs).
Proprietary Reverse Mortgages A proprietary reverse mortgage is a mortgage product owned by a private company. These kind of loans are more costly than the other reverse mortgage types and ought to be approached with caution. Anybody considering these kind loans ought to get a comparison with a similiar HECM. One advantage of proprietary reverse mortgages are the higher home value limits. Thus, if you live in a home [link widoczny dla zalogowanych] that is worth a whole lot more than the average home value in your county, a proprietary loan might give you greater loan advances than a Home Equity Conversion Mortgage (HECM).
As with any financial decision, you should get professional assistance to [link widoczny dla zalogowanych] help you decide which option is best for your situation. Reverse mortgage counselors might help you evaluate each of your options and help you make an informed decision.