Please ensure Javascript is enabled for purposes of website accessibility Seniors want to move on, but ‘stuck’ in home after not qualifying for new mortgage | #insurance | #seniors | #elderly – Active Lifestyle Media

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Insurance NewsSeniors want to move on, but ‘stuck’ in home after not qualifying for new mortgage | #insurance | #seniors | #elderly

Seniors want to move on, but ‘stuck’ in home after not qualifying for new mortgage | #insurance | #seniors | #elderly

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Of course, caveat emptor (buyer beware): Although there is no monthly mortgage payment with a reverse mortgage, the homeowner must still pay their homeowners insurance premiums and real estate taxes or risk losing the property. Also, the interest rate will be higher than for a conventional mortgage. And there are some significant fees that get built into the cost of the loan. Finally, there may not be much, if anything, left for your heirs after your death. (Not necessarily a problem for you, but you might want to tell them so they aren’t surprised.)

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