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The pros & cons of a reverse home mortgage

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  • Description

    Tanya Marchiol shows you the advantages and disadvantages for older people

  • Duration 5:57
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There alternatives so first of all what is -- a reverse mortgage.

Well you know -- -- -- -- portion of their home equity and we're live on.

A very important that they have.

But what.

Year -- -- -- and we're only a lot of it is the -- where we would for a whole year off.

The very important.

Element how -- equity here.

And they have equity in their homes basically because they've been living now from multiple years more than the average person based on their aides.

And they've been paying their mortgage or in many cases paid off.

Yeah that's exactly right unfortunately -- I didn't.

-- -- our own you're where are here and there.

So you have.

It very low market without having her home he got in order you entered her more.

People.

It's still not out of ripping it -- -- the.

OK so let's say this is the right option for you what do you -- to go about doing our first mortgage.

Yeah need to contact -- home mortgage Basilan.

But the important thing that I would cost in everything that that it all.

-- -- -- -- -- -- -- -- you can -- a lot of bands out there need to be very very ample.

A lot of time -- leaving home to their children and that you're picking up all the equity in their home.

You're not going losing everything apple -- in her home he need to be there and the Arctic and that.

We need to understand that even underneath that and I -- -- wherever I like it if you have gotten her home.

There are they're not -- money right yeah that it.

Felt that we need to understand it into the -- out of their art market input holiday in the mission in the right decision before you do make that can help out get.

Everything without that we advocated that they understand what they're very -- -- they think -- -- paint that money back.

In new you know leave the home always got.

So without it wasn't didn't didn't know this important not -- money.

Still at this happening let's say when you die then you're transferring that -- on to your family members right.

You actually don't sense that that very -- if you're under a lot it goes away.

Let.

I think that wow that's 200000 dollar equity investment.

-- hadn't got about wallet back a 100000 dollar in and -- the -- I wouldn't think not and then their remaining -- -- -- there.

Okay gotcha he -- interesting.

In personal experience I -- my grandparents.

Don't kind of say what is sounds like such a great idea and then you see.

They're younger person my dad in this case saying -- -- you're not do them on numerous -- Israel.

So yes so I guess and -- good day bringing us the pluses and minuses -- -- of doing reverse mortgage numbers on how many people have done them.

Hello and welcome vegan but tonight we look -- -- let you know that I know that it's a -- acquisition and maybe.

Only because equity and I come and gone down well not it.

That you really need to talk -- -- understand that fact and lending the money is in that statement.

They're going to make money one way or the other I don't really didn't look like equities.

Thank you need to really made sure that you know my property number one and then -- calculator and formula that they knew they check the only you lot more money yeah.

But not find the right age that you you you're not believe it is likely that if I let say it's -- and importantly because they understand.

There -- limitations on what they -- -- and also as -- dancing here is an eighty year old is likely not as.

All there are meant to me and and and quick as a sixty.

You know yeah.

Yeah they have been very -- according.

He -- the problem is that they're you know nothing great I mean I'm perfectly rational and we make our clients bought my New York however.

You need to be very -- -- educated and the only mean you don't hate.

I've lied because of this New Haven for you need to be concerned that you I've -- with the right people report saying that.

-- and and timing we -- about a minute left now is curious how old reverse mortgages and related programs have changed in recent years what what -- we now.

Well I could -- Let programs that intent on the standard that FHA.

And that they look at the market concern fun and you're gonna pay higher rates -- all -- -- -- so ignorant -- didn't it.

Without even the government -- it's going to be much better I don't know I didn't hate anybody the government do about it they're gonna fail yeah exactly how good good good.

-- -- -- can't let me know your options and understand these are not very meaningful equipment as lending it got on the and everything and -- -- an equity position and days.

That none of the everything that I in the traditional.

Additionally -- pulling money out of -- home I didn't situation.

-- -- -- -- -- -- -- Real estate and investment.

Expert your website team in investments -- dot com some of the screen.

Right now we need you for coming nine enjoy your day there in Phoenix Arizona sun will plan might well I'm doing a little bit better though right it.

How are you getting a little bit better announced.

The market is hot without well written that appreciation through November -- -- exactly I waited in Arizona and second is good deals announced prices are locked.

-- -- -- -- the other infiltrate their fellow at.

I needed that it is the perfect -- of good luck okay thank you so much for coming fundamentals well that's it from me think.

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