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i have a reverse mortgage but am paying more in interest on the loan that I am earning on the money I took out. should I payback

by 5249austin435 from , California. Aug 15th 2016 Reply


What mortgage rate do you have?thank you

Aug 15th 2016
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this should say: "than" i am earning on the lump sum that I took out.

Aug 15th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

More info needed, but in general, a reverse mortgage is not for everyone.. If you need the monthly income that you get from a RM, and you have no other options, then you have to accept the fact that it's not the best financial choice, but it might be for you.. If you have enough income and are worried about the long term costs, then by all means pay it off.. but without someone looking at your complete loan profile, it's impossible for anyone here to say for sure which way would be best.. so I suggest you contact a local estate planner who is familiar with RM's and let him look at your scenario.. They should be able to advise you properly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Aug 15th 2016
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