Reverse Mortgages: Top Burbank Realtor Explains Your Options

A Burbank Realtor will advise to check options other than getting a reverse mortgage.

A REX agreement is converting a part of your home’s equity into cash giving EquityRock the Image by Rev Dan Catt via Flickroption to share a specified percentage of the home’s future value. This isn’t a loan so there are no monthly payments and interest charges. Always consult a tax advisor.

The HELOC loans an amount within a specific period where collateral is the equity in the house. Know that you have to make principal and interest payments on an adjustable rate after the first 10 years. Falling behind can mean the bank taking your home.

Consider changing lifestyle. Buying a smaller house, renting, or moving in with loved ones may mean less comfort but less burden overall.

Related articles

• Burbank REALTOR Tells the Real Deal about Private Mortgage Insurance (thebestburbankrealtor.com)
• Deducting Home Equity Loans and Mortgage Interest: Tips From a Los Angeles REALTOR (thelaspecialist.com)
• Is A Reverse Mortgage is the Way You Should Go? Ask The Top Burbank Realtor (thebestburbankrealtor.com)
• Los Angeles REALTOR's Home Improvement Financing Options (thelaspecialist.com)
• Homeowner and Burbank REALTOR's Guide to Selling Burbank Houses: Accept Prequalified Tenants Only (thebestburbankrealtor.com)