Reverse Mortgages and Bankruptcy

Reverse Mortgages A reverse mortgage is a home loan for individuals or couples 55 years or older. You borrow from the value of your home and you no longer have to pay monthly mortgage payments. Advertising makes a reverse mortgage sound attractive because they push 4 points of interest: 1. You don’t have a monthly payment until you move 2. You can receive a lump sum of money if you’ve paid off your home 3. If you are house poor, you can use the extra money for health care, home repairs and living expenses 4. A reverse mortgage is a tax-free source of income However, a high interest rate is added to the loan’s balance and the interest can and will eventually exceed the value of the home. Reverse mortgages are risky and you need legal advice before considering this even as an option. The interest can sometimes increase to more than what the house is worth which means you are left with nothing. To learn more about bankruptcy or a licenced insolvency trustee please visit our website http://www.rumanek.com

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