Have looked into reverse mortgage, HELOC, etc. but seems there's always a "catch." Any suggestions?
2006-12-11 17:39:53 · 6 answers · asked by amethystfish 2 in Business & Finance ➔ Personal Finance
There is no "catch" with a reverse mortgage. The only thing is it's not right in every situation. From the little bit of information you provided, I think it could be right in your situation. If you've already ruled out downsizing your home, a reverse mortgage is probably a good option. Know that you'll pay about $5K in closing costs.
2006-12-12 06:08:15 · answer #1 · answered by Byron W 3 · 0⤊ 0⤋
You own your home and owe nothing but you need cash to pay bills and other things as well and you want to know what the best option is for you, get a job to pay for bills, buy a car, etc.
Only working can bring in money to pay for such things and not a reverse mortgage no matter what it's called.
Maybe I'm misreading your question here but if you own your home and owe nothing on it and if you ARE working then why would you need to get any kind of a mortgage at all?
2006-12-11 17:51:53 · answer #2 · answered by fedupmoma 4 · 0⤊ 0⤋
Figure out your regular income and savings after meeting all expenses. If you have a consistent savings than you can contact with the company for hire purchase a car.
Paying bill from loan is not a good equation; fund would be still in deficit while repaying the loan installment.
2006-12-11 18:01:03 · answer #3 · answered by Zia 3 · 0⤊ 0⤋
Equity line of credit is the way to go. Figure out how much you need, what the equity in your house is, and go talk to your bank. You can borrow, repay, and re-borrow as needed.
2006-12-11 17:43:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
u have equity in ur house find a mortage broker and talk to them.
2006-12-11 17:43:09 · answer #5 · answered by bigizz75 4 · 0⤊ 0⤋
ummm... get a job if u dont already have one
2006-12-11 17:47:42 · answer #6 · answered by italianpride127 2 · 0⤊ 0⤋