When Ought to I Promote My House? Answering three Questions Will Help You Decide!
1. When Ought to I Promote My House? Answering three
Questions Will Help You Decide!
A reverse mortgage is a big decision and you will need to work with a lender who is educated and
dedicated to doing what's right for the customer - not for themselves.
With regards to ownership, there's nothing totally different a few reverse mortgage than a standard
mortgage. Your own home is used for collateral for either loan. Because you own the house, you may
have all the rights to sell or refinance at any time. If selling your house is what you choose to do, any
remaining fairness will likely be yours or passed on to your heirs. Simply because the bank makes
use of your own home as collateral for a loan, doesn't imply they personal it.
Mark Schmidt has been a reverse mortgage specialist since 2004. In that time, he has guided a
whole lot of seniors by way of the reverse mortgage process. He is a veteran within the industry at a
time when many others are jumping on the bandwagon†of reverse mortgages.
I like to recommend working with a mortgage officer who has specialized in reverse mortgages for
three years or more. This is because, three years ago, the straightforward money was in common
ahead†mortgages and reverse mortgages weren't quite common. Reverse mortgage loan officers
who persevered during these lean times undoubtedly have their coronary heart in the best place -
helping struggling seniors with patience and compassion.
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