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Home > Family > Family LifeShould You Consider A Reverse Mortgage?

Posted by nick_niesen in Home on October 29th Sergei Bobrovsky Womens Jersey , 2010

Your home is probably the most expensive thing that you own. The equity in your home represents a valuable investment that represents security in your future. When you own your home, you have many options for tapping into the equity of your home to take care of your financial needs.

Many homeowners choose to refinance their mortgages when interest rates are low as a way to get funds to pay off other bills or to free up their monthly cash flow as a result of having lower mortgage payments. Another option that many homeowners take advantage of is the opportunity to get a home equity loan for the purpose of building a cash nest egg and paying off other debts.

Homeowners 62 and older have another excellent opportunity for benefiting from the equity of their home. This option is the reverse mortgage, and it is designed to allow homeowners who have reached retirement age to generate an income stream based on the equity they have in their homes.

Reverse Mortgages Explained
Since reverse mortgages have only recently starting catching on with homeowners, there is a great deal of confusing regarding what reverse mortgages really are. Only people who are 62 and over qualify for reverse mortgages. When you get a reverse mortgage on your home, the mortgagor actually pays money to you instead of the other way around.

The money you receive through your reverse mortgage becomes tax free income that you will receive for the rest of your life. You do not have to give up the title to your home or leave your home. When you take out a reverse mortgage on your home, you can elect to receive the proceeds in a lump sum if that works best for you. You can also set up the mortgage so that you receive monthly payments, or so that you can draw against the total amount as needed.

Whether or not you have a traditional mortgage on your home, once you reach 62 years of age you can take out a reverse mortgage. However, it is generally best to take out a reverse mortgage when you own your home free and clear, without a mortgage. You can only take out a reverse mortgage up to the amount of equity you currently have in your home, so the amount that you owe on your home would be deducted from the total you could get through a reverser mortgage.

Typically, senior citizens seek reverse mortgages as a means to help take care of the day-to-day expenses of life. You worked hard to pay for your home, so why not benefit from the equity in your home when you are living on a fixed retirement income.

Of course, a reverse mortgage is still a mortgage. Once you move out of your home, or the home is sold, or the homeowner passes away, the reverse mortgage has to be repaid. There is also risk associated with taking out a reverse mortgage. In the event that the proceeds from the sale of the home are not at least as much as what is owed on the mortgage, the homeowner or his or her heirs could be left with an additional balance to repay.

Panamas Pacific Coastline is rich with activities for resort-goers, water sport enthusiasts, explorers, scuba divers, sailors, boaters, fishermen and anyone who idolizes the heat of the sun, the roaring waves, white-sandy beaches and the cool ocean breeze. The Pacific Ocean is the worlds largest ocean and could easily cover the continents we live on today. The Oceans glory leaves Panama with islands to explore, coves to dive in and beautiful beaches where the hot Panamanian sand sifts through our toes as we race towards the sea. Living, traveling or vacationing in Panama anywhere on the Pacific Coastline is sure to be a treasured part of anyones life.

Investors in Panama and nations from all over the world are getting excited over AARPs recommendations for retiring in Panama and the positive reports on Panamas developments printed in the New York Times. The Baby-boomers who will be retiring soon (if not already) are an active and healthy generation. Real estate developers are becoming obsessed with the luxurious provisions and enticing water adventures that Pacific Coastal living in Panama can provide for these retirees.

The shores of Puerto Armuelles run only miles from Costa Rico. The ocean waters in this area are famed for its world-class fishing and they are a dream for professional anglers, scuba divers, and sailors. Scattered Vistas line the shores, but Puerto Armuelles has yet to be developed to its fullest potential and it is ripe for residential housing and tourist development. Significant business opportunities lie in not only real estate, but also in creating marinas, chartering fishing tours or creating a charted sailing tour along the Pacific Coast of Panama.

Miles from Puerto Armuelles running down the Pacific Coast lays the modern city of David, the capital of the province Chiriqui and one of the largest cities in Central Americas Panama. Despite its modernity and the presence of an international airport, David is a leisure city and life tends to run much slower pace than Panama City. Agricultural land, reasonably priced homes, and small-business ventures are at home in David and investments and real-estate property is ready and waiting. The city of David doesnt rest directly on the Pacific Coast, but it paves the way to the adventures in the Gulf of Chiriqui.

The Gulf of Chiriqui is home to the islands of National Geographic films. The famed Galapagos seals, Leatherback turtles, large iguanas, parrots and other exotic birds robust with color as well as the whales and dolphins out in the sea are found in and around the Archipelago of the Paridas. These Pacific Coast Islands are encompassed in the Gulf of Chiriqui National Marine Park for scientific exploration, education and for protecting endangered species.

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