Home > Family > Family LifeShould You Consider A Reverse Mortgage?
Posted by nick_niesen in Home on October 29th Glen Perkins FlexBase Jersey , 2010


Your home is probably the most expensive thing that you own. The equity in your home represents a valuable investment that represents security in your future. When you own your home, you have many options for tapping into the equity of your home to take care of your financial needs.


Many homeowners choose to refinance their mortgages when interest rates are low as a way to get funds to pay off other bills or to free up their monthly cash flow as a result of having lower mortgage payments. Another option that many homeowners take advantage of is the opportunity to get a home equity loan for the purpose of building a cash nest egg and paying off other debts.


Homeowners 62 and older have another excellent opportunity for benefiting from the equity of their home. This option is the reverse mortgage, and it is designed to allow homeowners who have reached retirement age to generate an income stream based on the equity they have in their homes.


Reverse Mortgages Explained
Since reverse mortgages have only recently starting catching on with homeowners Ervin Santana FlexBase Jersey , there is a great deal of confusing regarding what reverse mortgages really are. Only people who are 62 and over qualify for reverse mortgages. When you get a reverse mortgage on your home, the mortgagor actually pays money to you instead of the other way around.


The money you receive through your reverse mortgage becomes tax free income that you will receive for the rest of your life. You do not have to give up the title to your home or leave your home. When you take out a reverse mortgage on your home, you can elect to receive the proceeds in a lump sum if that works best for you. You can also set up the mortgage so that you receive monthly payments Danny Santana FlexBase Jersey , or so that you can draw against the total amount as needed.


Whether or not you have a traditional mortgage on your home, once you reach 62 years of age you can take out a reverse mortgage. However, it is generally best to take out a reverse mortgage when you own your home free and clear Byung-Ho Park FlexBase Jersey , without a mortgage. You can only take out a reverse mortgage up to the amount of equity you currently have in your home, so the amount that you owe on your home would be deducted from the total you could get through a reverser mortgage.


Typically, senior citizens seek reverse mortgages as a means to help take care of the day-to-day expenses of life. You worked hard to pay for your home Byron Buxton FlexBase Jersey , so why not benefit from the equity in your home when you are living on a fixed retirement income.


Of course, a reverse mortgage is still a mortgage. Once you move out of your home, or the home is sold Brian Dozier FlexBase Jersey , or the homeowner passes away, the reverse mortgage has to be repaid. There is also risk associated with taking out a reverse mortgage. In the event that the proceeds from the sale of the home are not at least as much as what is owed on the mortgage, the homeowner or his or her heirs could be left with an additional balance to repay.


Britain's four-time Olympic champion Mo Farah on Sunday insisted he was "a clean athlete" after a leaked United States Anti-Doping Agency (USADA) report suggested that his coach had "almost certainly" broken anti-doping rules.


"I am a clean athlete who has never broken the rules in regards to substances Bert Blyleven FlexBase Jersey , methods or dosages and it is upsetting that some parts of the media, despite the clear facts, continue to try to associate me with allegations of drug misuse Cool Base Tony Oliva Jersey ," Farah said in a statement.


"As I've said many times before we all should do everything we can to have a clean sport and it is entirely right that anyone who breaks the rules should be punished."


The USADA on Saturday confirmed it had compiled a dossier on controversial coach Alberto Salazar following a report accusing the athletics guru of dangerously using drugs to boost the performance of his athletes.


Britain's Sunday Times said a USADA report - obtained by the Fancy Bears hacking group - had found Salazar abused prescription drugs and experimented with infusions of a research supplement based on the amino acid L-carnitine at his Oregon base. The newspaper said it had seen documents showing Salazar gave intravenous drip infusions to Farah and to half a dozen top US runners and that USADA had concluded the treatments of the Americans "almost certainly" broke anti-doping rules.


Farah said it was "unclear as to the Sunday Times' motivations towards me" and that it was "entirely unfair to make assertions when it is clear from their own statements that I have done nothing wrong."


"If USADA or any other -Anti-Doping Body has evidence of wrongdoing, they should publish it and take action -rather than allow the media to be judge and jury," added the athlete Cool Base Rod Carew Jersey , who won both the 5,000 and 10,000 meters in the London and Rio games.


USADA said Saturday that no conclusion had been reached. "USADA can confirm that it has prepared a report in response to a subpoena from a state medical licensing body regarding care given by a physician to athletes associated with the Nike Oregon Project Cool Base Phil Hughes Jersey ," USADA said in a statement.




MANILA， Nov. 21 (Xinhua) -- Filipino boxing legend and politician Emmanuel "Manny" Dapidran Pacquiao， known as Pacman， is still playing coy about his rumored political ambitions.


Like all politicians， Pacquiao has opted to keep his cards close to his chest apparently to avoid telegraphing his moves to potential rivals.


Pacquiao said last week that running for president in 2022 is far from his mind， adding that he would rather focus on his job as a lawmaker than seeking the presidency.


However， Pacquiao told reporters that his options remain open， dropping a strong hint that joining the next presidential race is not as farfetched as it may seem.


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