Are Reverse Mortgages Safe?
Reverse mortgages have many myths – some of which aren’t the best. Many people think they are ‘dangerous’ and seniors in San Diego shouldn’t consider one. But until you know the truth about the reverse mortgage and how it works, you don’t know how beneficial it can be.
With the right lender and proper education, a reverse mortgage can be one of the best moves a senior who wants to age in place can make.
What is a Reverse Mortgage?
If you aren’t familiar, a reverse mortgage is a mortgage that taps into your home’s equity, allowing you to supplement your retirement income and remain in your home. Unlike a traditional mortgage, you don’t make monthly payments. Instead, you or your loved ones repay the mortgage when you move or pass away, whichever occurs first.
What Makes Reverse Mortgages in San Diego Safe?
Despite the myths, there are many reasons reverse mortgages in San Diego are safe including:
The Downside of Reverse Mortgages
Of course, every financial product has a downside, and reverse mortgages are no exception. The largest risk is you can lose your home, just like you could with a traditional mortgage. If you don’t make your tax and insurance payments or fail to keep up with the home, the lender can foreclose on you just like they would with a traditional mortgage.
But, because lenders do their due diligence and ensure you can afford the home’s upkeep, taxes, and insurance most people don’t foreclose on a reverse mortgage.
Reverse mortgages in San Diego are a great way to age in place. More homeowners are realizing its benefits and understanding its safety, taking advantage of their home’s equity – the money they worked hard to earn.
A reverse mortgage is a great way to supplement your retirement income, ensure you can stay in your home, and enjoy the equity you’ve built up. If you would like to know more about the reverse mortgage program, download my free by visiting www.reversemortgagelive.com. This limited time offer will help you understand how the reverse mortgage works and see why it’s a beneficial program for seniors in San Diego.
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