Source : standard.net<\/p>\n\n\n\n
There are a few things in this life that I wouldn\u2019t mind putting into reverse. Oftentimes, it has to do with words that come out of my mouth without having put some thought into them first. Other times, it\u2019s the aging process.<\/p>\n\n\n\n
In fact, just last night I was standing at the makeup counter of a department store with my daughter. I glanced down at all the hundreds of products that make claim to reverse the aging process. For a mere $149.95, I could purchase the promise to turn back time on the wear and tear of my sun-loved skin. Of course, I would need to use this consistently, and since there were only 0.03 ounces in this particular vial of magic serum, I would need 495 of them to do the job. I\u2019ve decided to embrace my wrinkles.<\/p>\n\n\n\n
Wanting to reverse the aging process is a given, but what about wanting to reverse the mortgage? Is there also a miraculous elixir that, when applied, could actually pay you for buying a house rather than you having to pay a mortgage lender? In fact, there is. The enchanting product is called \u2026 drum roll please \u2026 a reverse mortgage.<\/p>\n\n\n\n
A reverse mortgage is exactly how it sounds. It is a \u201cmortgage\u201d (and I use that term loosely here), that is available for homeowners over the age of 62 who have equity in a current home they are occupying that they would like to convert to cash. In essence, the mortgage company agrees to pay the homeowner a monthly installment instead of the homeowner paying them. Of course, there is a fee involved. Oh, and you must sign over your house to the bank, but other than that, it\u2019s a pretty sweet deal \u2026 especially if you are the lender. After all, as a lender, you have figured out a legal way to make money on someone else\u2019s home equity.<\/p>\n\n\n\n
In reality, there are certain and very occasional situations when a reverse mortgage might be a good idea. It\u2019s definitely a benefit if you live to be well into your hundreds. Old Noah, from the Old Testament, really could have capitalized on this product.<\/p>\n\n\n\n
The less predictable things in life are the circumstances I worry most about with people who chose this product, and what could be less predictable than life circumstances? However, if things work out swimmingly, and both you and your co-borrowing spouse get to live in the home until you both die (hopefully at the same time) then this is a perfect product for you. After that, it\u2019s your heirs\u2019 problem. At this point, they are stuck with two options; they can pay off the full reverse mortgage including all the interest, or they can just hand the home over to the bank. Either way, the bank wins.<\/p>\n\n\n\n
However, if your spouse or partner is not listed as a co-borrower, or there are dependents or children living in the home, they are going to be ousted unless they can come up with the money to pay the loan.<\/p>\n\n\n\n
The glaring dispute that I have with this product is primarily the fact that the target is senior citizens who are on fixed income and have most of their house paid off. The lender takes their largest financial asset, and puts it at risk at a time in their lives when risk should be at its most minimal.<\/p>\n\n\n\n
Don\u2019t get me wrong; going in reverse isn\u2019t always a bad thing \u2026 just do the math first. $149.95 a vial isn\u2019t a deal if you have to \u201cinvest\u201d in 495 of them every 3 months to get a benefit.<\/p>\n","protected":false},"excerpt":{"rendered":"
Source : standard.net There are a few things in this life that I wouldn\u2019t mind putting into reverse. Oftentimes, it […]<\/p>\n","protected":false},"author":1,"featured_media":645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[118,820,819,816,282,817,818],"class_list":["post-644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-anti-aging","tag-anti-aging","tag-creams","tag-equates","tag-kirchhoefer","tag-miracle","tag-real-estate","tag-reverse"],"yoast_head":"\n