Juhani Tontti offers the following royalty-free article for you to publish online or in print. Feel free to use this article in your newsletter, website, ezine, blog, or forum. ----------- PUBLICATION GUIDELINES - You have permission to publish this article for free providing the "About the Author" box is included in its entirety. - Do not post/reprint this article in any site or publication that contains hate, violence, porn, warez, or supports illegal activity. - Do not use this article in violation of the US CAN-SPAM Act. If sent by email, this article must be delivered to opt-in subscribers only. - If you publish this article in a format that supports linking, please ensure that all URLs and email addresses are active links. - Please send a copy of the publication, or an email indicating the URL to [email protected] - Content Crooner (www.ContentCrooner.com) has distributed this article on behalf of the author. Content Crooner does not own this article, please respect the author's copyright and publication guidelines. If you do not agree to these terms, please do not use this article. ----------- Article Title: Is A Reverse Mortgage Good To My Situation Author: Juhani Tontti Category: Loans, Mortgage, Mortgage Word Count: 430 Keywords: reverse mortgage,reverse mortgage loan,reverse mortgages,reverse mortgages pros and cons Author's Email Address: [email protected] Article Source: http://www.contentcrooner.com ------------------ ARTICLE START ------------------
This is the whole idea. A reverse mortgage is a financial product, which uses the once paid home equity and transfers it into the disposable cash money every month. If a senior has the traditional mortgage left, he has to pay it away with the reverse loan, which will further add the amount of disposable money. 1. Is It For A Long Term Use? Yes, the reverse mortgage is always a long term commitment and is too expensive for a short term needs. Actually you can think, that it is in this respect like a usual mortgage. It is also important to notice, that the maximum amount of the loan depends on the equity, that you have saved with your home. This means that a senior can use only the amount of money, which he has saved and which the home prices have increased. There is one variable, which will change during the loan running time and that is the interest rate. If you decide to take your reverse mortgage loan with variable interest rate and to enjoy from the times, when that is low, you will take a risk. 2. If I Do Not Pay Monthly, When Do I Pay? If you would pay monthly, the reverse mortgage would add your expenses. That is the reason, why all costs plus the loan capital will be paid back at once, when the home will be sold. This happens when the last borrower will die or move permanently away. 3. Shall I Still Be The Owner? The law says, that yes. If you will take a reverse mortgage loan, it will not change the ownership. Many seniors seem to think, that the reverse mortgages will take their owner rights away, but that is not true. Also in this case the lender is the lender and the borrower is the borrower. 4. What, If I Die? If you die and you have taken a reverse mortgage loan and you are the only borrower, your home will be sold and a part of the money will be used to pay back all the costs and the capital of the reverse mortgage. If you were one of the borrowers, then the rest will continue with the loan as usual. 5. What Will My Heirs Say? First, it is your money and your equity. If you have an urgent, long term need to get more disposable money, you can of course use your home equity. It is useful, if you think so, to negotiate with the heirs about your solution and to mention, that a part of the home equity will be used for your needs. Juhani Tontti, B.Sc., Marketing. The reverse mortgages are good solutions, but before you decide anyhthing about your reverse mortgage loan application, go and meet the federal counselor, talk to your spouse and friends and tell to your heirs. Visit: http://www.reversemortgageearnings.com Distributed by http://www.ContentCrooner.com ------------------ ARTICLE END ------------------ [Non-text portions of this message have been removed]
