Showing posts from September 24, 2017

Advantages and Disadvantages of Reverse Mortgages

The benefits of owning your own home go far beyond just having a place to stay - your home will likely be your greatest financial asset. The equity you build in your home will give you a huge advantage down the road. One way to take advantage of the equity in your home is to sell it and apply the equity towards your new home or towards your retirement. Another way is to take out a reverse mortgage. This week, the team at eXp Realty is here to help you get a better understanding of reverse mortgages and the advantages and disadvantages they offer.

What is a Reverse Mortgage?
A reverse mortgage is a type of home loan that lets you convert a portion of your home equity into cash. Essentially, the equity that you built up over years of making mortgage payments can be paid to you. Generally, you don't have to pay back the money for as long as you live in your home. However, when you die, sell your home, or move out, you, your spouse or your estate would have to repay the loan.

Types of Re…