Benefits Of A Reverse Mortgage
A reverse mortgage permits the home owner to free off his equity and use it any way he chooses. The major advantage is that the loan does not have to be repaid to the lender until either the owner passes away, sells the property or relocates to a new place. In America, taking out a reverse mortgage is limited to a person’s first mortgage. Not many CPAs would be in favour of such a choice
All you have to do to save 5 to 6 years of mortgage payments is to make an extra payment each year. While you are able to deduct money from your taxes because of your mortgage interest, doing so can only save you at most a couple thousand dollars per year. A portion of each dollar becomes tax-deductible.
So why not save thousands of dollars each month by fully committing?
