Before You Make One Of Your Most Important Decisions
Before You Make One Of Your Most Important Decisions
Before you make one of your most important decisions regarding your home sale shouldn’t you become as informed as possible? By aligning yourself with a top agent you ensure that all the important issues and seemingly insignificant but….very important….details are handled professionally. Your home sale should not be a grueling ordeal. The more informed you are the better chance you have of making a sound business decision.
A good reverse mortgage lender will be able to talk to you about how much these loans cost. There is a fairly steep upfront cost (but limited to no more than 2 percent of the loan amount), and if your parents only keep the loan for a couple of years, the effective annual percentage rate (APR) on the loan will be high.
Inheritance is another big worry. While your parents may not be concerned with leaving behind an estate, many families do worry that they will have nothing to leave to their heirs. The best part about a reverse mortgage is that the property continues to be owned by your parents, and they will benefit from any price appreciation in the neighborhood.