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any advice on reverse mortgages? best lenders ?

  • July 11 2012 - New York
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Answers (1)

Reverse mortgages are costly. It's important to remember that the debt grows every month. If you need a large sum of money it might be better if you sell your house and rent.

The only way a reverse moprtgage makes since is if you are planning to reside in your home for more than eight years.

Also, think about your heirs if the debt grows large enough and is equal to the value of your home there wouldn't be an inheritance.
  • July 11 2012
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