Advertise
Search Options
Search
Start New Discussion 
Ask Now
Prop Guide

Property Guru
7338 posts
24 best
Nadeem Ahmed

Property Guru
4855 posts
18 best
Falcon

Property Guru
4704 posts
6 best
Pakistani-1

Property Guru
3031 posts
26 best
Nasir

Property Guru
2515 posts
21 best
Abdul Qayyum

Property Guru
2301 posts
6 best
Khalid Javai

Property Guru
1971 posts
0 best
Sayeein

Property Guru
1868 posts
0 best
Imtiaz

Property Guru
1846 posts
11 best
Sheikh Abdul

Property Guru
1753 posts
16 best
Baber Rabban

Property Guru
1716 posts
16 best
Isloo

Property Guru
1529 posts
3 best
Dsa

Expert Authority
1467 posts
2 best
Syed Ibrhaim

Expert Authority
1438 posts
17 best
Arshad

Expert Authority
1189 posts
1 best
Pardesi

Expert Authority
1172 posts
8 best
Mbs

Expert Authority
1157 posts
13 best
Ht

Expert Authority
1114 posts
9 best
Irfan

Expert Authority
1112 posts
8 best
Real Estate

Expert Authority
1052 posts
3 best
Become an expert on the forum, check Forum Ranks.
General Advice discussions and advice. Participate in ongoing dicussions and get invaluable General Advice advice from people who are experts in their industries or start a new General Advice discussion.
Hanif
( 10 posts )

[1 reply]
It's difficult to turn on the television these days without seeing a slew of commercials for reverse mortgages. They feature past-their-prime celebrities such as henry winkler and fred thompson, extolling the benefits of "guaranteed tax-free income" for those 62 and over. What they don't tell you is that reverse mortgages can be dangerous and can put your biggest asset - your home - at risk.
A reverse mortgage really a misnomer. It is really nothing more than a regular mortgage, except that the loan proceeds are paid out to you in installments, rather than all at once. These plans mortgage the existing equity in your home, bleeding it down while it accrues interest on the growing debt. This mortgage does not have to be repaid until you either sell the home or die. Then the loan balance, interest and accrued fees are extracted from the sale proceeds. This type of loan can be beneficial in a very limited set of circumstances, such as allowing a senior to remain in his or her home, rather than having to sell it to pay for medical or other unexpected expenses.
In many circumstances, however, a reverse mortgage can be a risk to your financial security. Here are six dangers you should consider before signing on the bottom line.
1-complexity
2-pressure
3-future health
4-eligibility for government programs
5-high fees
6-spousal eviction
Reverse mortgages can be an important source of emergency funds for some seniors who would otherwise have to sell their homes to access their equity. There are several dangers to these plans, however, that can put your home at risk and sap your asset base.

    2681 days ago In General Advice
    Post Answer
    Fahad
    (243 posts)
    Exactly Hanif it works as you have told us, nice point raised. People should have to know about this as it is the most disastrous mortgage.

    In the end you are left with nothing is its future. So be careful about this think twice before signing anything like this.

    Thanks Hanif for showing your interest here for the welfare of the people.

    Peace
      2681 days ago 

      Post Answer (1 reply)
      Post Reply
       
      Username:
      Password:
      Email Basket (0)
      SEND EMAIL   REMOVE ALL