Here is the August 2019 Market Outlook for Virginia Beach and the surrounding areas of Hampton Roads. More information can be obtained from The Real Estate Information Network.
REVERSE MORTGAGE 101
Baby boomers are on the move! Life changes as well as priorities, which may cause one to consider moving. Older people who want to live near the grand kids, downsize, death of a spouse or a change in financial situation may make a person consider moving. However, a reverse mortgage may help seniors stay in their home and provide income. Here’s information about reverse mortgages.
WHAT IS A REVERSE MORTGAGE?
When it comes to mortgages, you can go forward and backwards. That sounds confusing, right? Not so when it comes to reverse mortgages. What is a reverse mortgage and can it work for you?
REVERSE MORTGAGE HISTORY
There used to be a lot of lenders offering this type of loan product, but they’re not so many as before. The government had to get involved as there were lots of reverse mortgage scams out there. It’s very important to get a reputable lender when applying for a reverse mortgage. If you’re helping your parents make sure they know what they’re getting into before signing.
A fantastic choice is an FHA reverse mortgage. Verifying the strength and reputation of a lender is easy with these types of loans. You can also apply for a non-FHA reverse mortgage (and may get a better deal), but check into the pros and cons for both types of reverse mortgage loans.
To find out if a reverse mortgages a good deal read on…..
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