In the past few years there has been an increase of adult children, who for various reasons, are still living with their parents. What is not being reported as much however, is the large number of parents who are finding it necessary to live with their children in order to survive. The statistics are, we are back to pre-World War II numbers of parents needing to live with their children for numerous reasons. Specifically, the cost of living has increased at a time when many were already finding it hard to make ends meet.
Fortunately, for some seniors who own their home, there is a product on the market that is helping. Have you ever wondered what is a reverse mortgage in Newport News? The basics are, if you are over the age of 62 and have lived in your home long enough to build up equity, you may have a chance at taking out that equity in the form of a cash loan. The product is the exact opposite of a home mortgage. Depending on how long you have lived in the home, the amount of equity in the home, and having the borrower living in the home, this could be a good product to get extra money.
The unfortunate part about a reverse mortgage, there are companies that are known for predatory lending scams. In addition to federal reverse mortgage companies there are private lenders that will try to invest money received from a reverse mortgage into bad schemes. Visit the website of any company advertising in a reverse mortgage to validate claims and check references. There are certain stipulations to a reverse mortgage that must be met and if it sounds too good to be true, it may be.
A qualified reverse mortgage program may be just the investment or lending situation needed in an era where multiple generations of a family must come together under one roof. What are the restrictions to What is A Reverse Mortgage in Newport News? As long as the borrower of the mortgage is living in the home, extra cash can be pulled from the equity earned. They money is not due back until the borrower moves out, is deceased, or the property is sold.