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Reverse Mortgages: When Is One Right For You?
By Search EzineArticles.com
How do you know if a reverse is right foryou? The answer depends on your current financialsituation of course. But other factors such as your medical condition andlifestyle are important in determining whether or nota reverse is your best choice compared to ahome equity loan, a line of credit, or just sellingyour home. A reverse might be worth your considerationin many situations. Some of the common reasons youmight get a reverse loan are if: You have a small first mortgageYou own your home free and clear with no debtYou need regular income to live on and your home isyou major assetYou want to stay in your home and have nointention of leaving itOther housing options are unaffordableor not appealing to youYou want to be able to take care ofmajor medical expenseYou want to be able to do home repairs,travel, or help your childrenYou don't plan on leaving yourhome to your heirs through inheritanceYou want to relax byknowing that your financial needs are taken care ofA reverse is not for everyone. You may want to avoid areverse if you answer "no" to any of the followingquestions: - Will you be able to enjoy the money from a reversemortgage knowing that the debt on your home is risingand your home equity is falling?
- Can you continue to pay for property taxes, home insurance,and any home maintenance which will still be required as part ofyour loan agreement?
- Can you handle financial burdens if your home equity is partially or completely used up?
- Do
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the advantages of owning your home outweigh thedisadvantages now and in the future? - If you do not get a reverse do you know what your other options are?
- Do you understand clearly the terms of yourreverse and the costs involved in obtaining areverse loan?
As you can see, there are a number of factors to consider andquestions to ask before you can determine whether or not areverse is right for you. Allen Daniels offers a Free Online Video about Reverse Mortgages that shows you How to Cash in With Reverse Mortgages.You can view the video at http://www.ReverseMortgageTips.com/
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Illinois and Wisconsin Mortgage Rates as of 08/27/2008 9:59 AM CST : Current Mortgage Rate Trend: steady
30 Year fixed: 6.500% (6.565% APR)
15 Year Fixed: 6.000% (6.105% APR)
3/1 Jumbo ARM: 7.000% (7.165% APR)
5/1 Jumbo ARM: 7.375% (7.543% APR)
5/1 ARM: 6.250% (6.313% APR)
3/1 ARM: 6.250% (6.313% APR)
30 Year FHA and VA: 6.500% (6.564% APR)
30 Year Rural Housing: 6.750% (6.815% APR)
3/1 ARM Lot Loan: 6.875% (7.034% APR)
1/1 ARM Lot Loan: 6.725% (6.882% APR)
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