When Is A Reverse Mortgage A Good Idea?
Equity Release Plans Are Getting Smarter If you have a property and you are looking to get additional income then you might want to consider a reverse mortgage. Many people ask when a reverse mortgage is a good idea and it really depends on your situation. If you have completely paid off your entire mortgage and you have no debts or obligation and you simply want to enjoy life then this is worth considering. A reverse mortgage is also known as equity release . This is when the banks pay you to live in your own house and they take a proportion of it bit by bit. There are many types of equity release available and it all depends on your health and age. The way the payments are worked out is as follows, if you are seen to be old and have a lot of medical conditions then you will get a higher monthly payment. If you have just retired and are generally quite healthy then the payments will be lower. You have to take a lot of factors into consideration before you take this route. You have to
