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

---

Home Equity Loan ? Not Just For Home Repairs, And Tax Deductible, Too!

Thanks to the combination of low interest rates and skyrocketing... Read More

First Time Buyer Mortgages ? Transforming Homeless into Property Owners

Having just settled in life, you are finding the rentals... 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

Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World?

Online home mortgage quotes are very similar to the quotes... Read More

Why a Mortgage Professional Beats a Banker Every Time -- The Story Tells It All

The best way to explain why a mortgage professional is... Read More

Understanding Fixed-rate Mortgages

A fixed-rate mortgage is a mortgage on which the interest... Read More

Mortgage Brokers or Banks: Which is Right For You?

When you're looking for a home loan, you might work... Read More

Low Home Mortgage Interest Rate - Finding the Best Mortgage Rate

Interest rates are at an all time low, making now... Read More

Be Prepared when Seeking a Mortgage

When you're looking for a mortgage, whether it's a first... Read More

What Is The Best Deal For A Mortgage?

Few of us invest the time and effort into researching... Read More

Home Mortgage Refinancing - Things to Consider When Looking to Get Cash Out on a Refinance

When you refinance your home mortgage, lenders often tempt you... Read More

Interest-only Equity Loans Create Amazing Power and are Quite Easy to Get

The power of home equity and interest-only payments, provided from... Read More

Home Equity Loan Risks

Home equity loans give individuals a tool to extend their... Read More

Secrets Your Banker Wont Tell You - Which Loan is Best for You?

Recently I was driving in my Car and I heard... Read More

Applying for a Home Loan

Applying for a home loan may not be the most... Read More

Revive Mortgage Tenure With Extend Loan Term Remortgage

You are comfortably wedged in a mortgage deal, paying the... Read More

Thought Fixed Rate Will Give You a Respite from the Perils of Variable Rates! Think Again

Slight increases in the interest rates raise your hackles. Tension... Read More

A Home Equity Loan ? Is It For You?

Home equity loans are often touted as being the solution... Read More

Buying a Home With Bad Credit - Get Approved With a Recent Bankruptcy or Foreclosure

A few years ago, if you had a bankruptcy or... Read More

Council Right To Buy Mortgage ? Transform Your Accommodation Into Home

Homeowner - does this term catch your attention every time... Read More

The Top 5 Reasons to Buy a Home

1. Save on your income tax.Yes, something good can come... Read More

Home Loans

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

To Refinance or not to Refinance -- Here is the Answer

I have written many articles on refinancing a fixed rate... Read More

Alternative Options For Rising Interest Rates

As interest rates have risen in the last six weeks... Read More

Home Mortgages: Think Before You Borrow

In today's overheated housing market, lenders are making it easier... Read More

Avoiding Foreclosure

If you fall behind in your mortgage payments, you face... Read More

What Are Mortgage Brokers And Why To Use One

"Mortgage" is formed from two words: the French word "mort"... Read More

What is a Reverse Mortgage?

Simply stated, a reverse mortgage is a loan that enables... Read More

Applying Online For A Home Loan Can Give You an Instant Approval

"Instant Approval For Home Loans" is a common refrain for... Read More

Borrow on a Budget: Getting the Cheapest Home Improvement Loans

Getting the cheapest home improvement loans isn't always easy. It... Read More

Home Loans For People With Bad Credit - Tips To Getting Approved Online

Buying a home with bad credit doesn't have to stop... Read More

Home Equity Loan Information - How to Use One Wisely

Using a home equity loan to get out of debt... Read More

How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage

When it comes to a reverse mortgage, wise consumers weigh... Read More