Mortgage Buy Down Programs
Mortgage buy down programs, also known as reverse mortgages, can be a good option for people living on a fixed income who need more cash for their current expenses.
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A mortgage buy down program allows people who own their homes to take advantage of the equity they have built up over the years to provide themselves with a monthly income. Instead of the home owner paying a monthly mortgage payment, a monthly payment is made to the home owner until the value of the home is depleted.
Of course there is a catch to this process. No one is giving away free money after all. The downside is that the home will become the property of the agency offering the mortgage buy down program. These type of mortgage buy down programs or reverse mortgages will typically contain a clause, however, that prevents the home from being taken while the home owner is still alive. This clause will prevent the home owner from losing the roof over their head.
A reverse mortgage or mortgage buy down program can be a good choice for someone who has a valuable (or even not so valuable) home and property but very few other assets with which they can generate income. The extra monthly payments can go a long way toward making life more comfortable for the home owner. Many people find themselves in this situation. They may have put all their savings into paying off the home while they were working. Now that they are retired, they may find themselves with an inadequate social security or pension payment, and few other assets saved up.
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A mortgage buy down program can help fill the gap many retirees find between their monthly living expenses and their monthly income. It is not the right choice for everyone in every circumstance, but for many people, a mortgage buy down program can greatly increase their quality of life.