Refinancing your mortgage can be very helpful in certain situations. By refinancing, you can reduce the interest rate of your home mortgage and potentially lower your monthly payments, saving you hundreds of dollars every year. Refinancing could also be advantageous if you are in need of cash for a large purchase or to pay off another debt.
If you're a homeowner aged 62 or older, you've probably heard that reverse mortgages can let you utilize the equity you've accumulated without selling your home. If you're considering a reverse mortgage, be sure to weigh the following pros and cons as part of your decision-making.
A reverse mortgage can be a very attractive option for seniors looking to tap into some of the equity built up in a home. You may want to keep a few of these questions in mind though before taking out a reverse mortgage, since they can have a significant effect on your estate.