Treu Group Real Estate Weekly Tips

This show discusses the option of a reverse mortgage as well as the misconceptions. The loan is a good option for those that are purchasing a new home as well as refinancing. A reverse mortgage enables a senior homeowner to maintain ownership as long as they live in their home and maintain the loan requirements – paying property taxes, homeowners insurance, HOA and keeping the home in good repair. They can always pay off the loan without worry of a prepayment penalty and can still leave the house to the kids. A Reverse Mortgage could allow a buyer to purchase a home and eliminate the monthly mortgage payment. There are qualifications and things to consider with a reverse mortgage however if a borrower is 62 years or older, it is an option to consider. You don’t lose control of the ownership of a home with a revere mortgage.  The home still is an asset and your heirs have an year to resolve the loan. So many think that they are giving up ownership and that they cannot leave the home to the kids