The number marks an all-time high since measurement began in 2000, underscoring how large a source of wealth home equity is for retirement-age adults. This article will teach you how reverse mortgages work, and how to protect yourself from the pitfalls, so you can make an informed decision about whether such a loan might be right for you or your parents.Īccording to the National Reverse Mortgage Lenders Association, homeowners aged 62 and older held 7.14 trillion in home equity in the first quarter of 2019. Common Sense Can I Borrow A Dollar Zip How To Protect Yourself On the other hand, these loans can be costly and complex, as well as subject to scams. One way this could happen is through a drop in the homes market value another is if the borrower lives a long time. Unlike a forward mortgagethe type used to buy a homea reverse mortgage doesnt require the homeowner to make any loan payments. Common Sense Can I Borrow A Dollar Zip How To Protect YourselfĪ homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit.
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