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Now is the Worst Time to Sell Your Home

In this housing market you need to give your assets time to grow, which is why a reverse mortgage is perfect for future planning.

Today’s housing market is completely unpredictable with home values going up and down like a Richter scale. If you’re thinking of selling your home because of financial stress or other extraneous variables that seem out of control, consider what a reverse mortgage can do for you before making any major decisions with your estate.

If you don’t want to sell your home and money is tight, reverse mortgages are the solution. Reverse mortgage lenders take into account several variables when a person inquires about taking out a reverse mortgage.

• Property value
• Interest rate
• Age of borrower
• Dispersal of funding

Considering the factors that a lender takes into account when determining the loan amount, now is a great time for reverse mortgages for a variety of reasons. Property values are extremely unpredictable since the housing bubble popped circa 2007. People with reverse mortgages don’t have to worry about cost trends in the housing market because reverse mortgages assure the homeowner that their estate will retain its value. Current interest rates for reverse mortgages are low and the lower the interest rate the more access you have to your home equity.

Reverse mortgages buy you time when it comes to the future of your homestead. With a reverse mortgage, you can put off selling now so that you can see what the value will be in a few years time. In addition, if you are taking out a reverse mortgage to sell the home at a later time, you can use the funds from the reverse mortgage to fix up the house and increase its value.

The cost of a reverse mortgage (1% of homes value) is far less than the cost to sell your home (6-10% of homes value). They are flexible and let you decide how you receive your funding. Reverse mortgages can be more complex than traditional loans. However, reverse mortgage counseling is readily available via the lender and the Federal Housing Administration. Working with a reputable lender and taking out a reverse mortgage puts you on the right path to healthier financial standing and a worry free retirement.