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User joyceyiujs
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User joyceyiujs
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A reverse mortgage is a type of mortgage that's secured versus a home that can offer retired people added earnings by offering them access to the unencumbered worth of their residential or commercial properties. However there are drawbacks to this technique, such as substantial costs and high-interest rates that can cannibalize a significant part of a house owner's equity.
While a reverse mortgage may be perfect for some circumstances, it is not always best for others. If you want to leave your home to your children, having a reverse mortgage on the residential or commercial property could cause problems if your beneficiaries do not have actually the funds required to settle the loan.
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