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WHY DO BORROWERS TAKE OUT A REVERSE MORTGAGE? Over the years we have seen borrowers take out a reverse mortgage for a number of reasons. Some are obvious and support the original theory behind the creation of reverse mortgages. Others are not as obvious and can be much more creative. Here are some of the reasons we have seen over the years:
• Monthly income to supplement other income during retirement years.
• Cash needed to make repairs to the home.
• Elimination of existing debt as well as the monthly payments on those debts.
• To enable a terminally ill individual to pay for care and to die with dignity in their own home, where they are most comfortable.
• To help pay for a vacation home.
• To pay for that vacation of a life time.
• To pay for an expensive play toy; car, sailboat, etc.
• For additional cash to invest.
As you can see the reasons run from necessity to luxury. Before taking out a reverse mortgage for any reason it would be wise for a borrower to consult with his or her legal and financial advisor. | |
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In addition to normal insurance coverage requirements, we also carry a
FIDELITY BOND
No warranty or guaranty is made by CLS for the accuracy or reliability of the information provided within this web site or any sites to which it links. The information contained herein is not and should not be construed as legal advice, and CLS assumes no liability for any reliance on the information contained herein. Only an attorney licensed to practice in the appropriate jurisdiction can provide legal advice.
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