The Advantages of a Reverse Mortgage
Reverse mortgages in Las Vegas are a financial product for senior citizens who own their home and need additional income. It allows them to use the equity that has built up in their home without selling it. You don’t make payments on this loan because it is paid back when you sell or stop living in the house. Even though the interest builds up, you will never have to pay back more than the house is worth.
Protection Against Real Estate Fluctuations
The amount of money you get on a reverse mortgage is based on the current value of your home. If real estate prices decline, you or your heirs will only repay the current value of your home. Reverse loans are insured by the federal government. If your house is valued at less than the amount of the loan, you only pay the value of your home and the FHA makes up the rest.
Choose the Way You Receive the Money
Payment options are flexible. You can get a lump sum if you prefer or as a credit line or in an annuity. You could receive a partial amount or monthly payments. A line of credit option will make it easier for a surviving spouse to manage cash-flow during a stressful time. It also makes it easy to get cash in an emergency. The amount you get will depend on your age, the current interest rates and the current value of your home.
When Is a Reverse Mortgage a Good Idea?
A reverse mortgage is a valuable tool for seniors to plan for their retirement. Since a reverse mortgage can be customized to suit individual needs, it can fit any type of financial planning. You will always have a place to live as you continue to own your home. Today, people are living longer than they did 20 years ago. A reverse mortgage may be a lifeline to money that will help you maintain a comfortable lifestyle throughout your retirement.