Tuesday, August 16, 2011

Can a Reverse Mortgage Help You Eliminate Your Debt?

You may have seen commercials on TV with celebrities claim the benefits of a reverse mortgage. What exactly is a reverse mortgage? Can you use this to pay off existing credit card debt or other bills?

In most cases, reverse mortgages designed for seniors who have a significant amount of equity in their homes. They work much like home equity loans, except that the owner does not need to repay the loan unless the home is sold. So what does the mortgage get out of this? It's a good question.

The point is that the loan need not be repaid during the owner's lifetime. However, it will be repaid at some point. If the heirs can not come up with money, the lending company will keep the house. Surprise, surprise!

So this is a reasonable method to use to eliminate your debt? Well, it might be worth your consideration if you have no surviving family members. You can simply use the funds to get out of debt or to help you with your living expenses before you pass on. You can also use it to buy a fancy car or take a vacation if you really wanted. Again, this assumes that you do not want to leave your house to anyone.

Otherwise, you must be careful about reverse mortgages because at some point they must be repaid. You must also be aware that some unscrupulous lenders seem to like to take advantage of the elderly, so make sure you get the best advice possible before making your decision.

Other options to get out of debt includes the use of your retirement funds and declare Chapter 7 bankruptcy. The advantage of bankruptcy is that you will be able to protect your home (depending on the state farm exemption laws) and pension plans.

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