Currently owe 141,000 on my mortgage (20 years remaining) with monthly PITI payments of $908. The payments work out to 7.8% on the $141K remaining.
I qualify for a 168,000 lump sum reverse mortgage. I'd pay off the home and have 27,000 left over to invest. Taxes are not an issue.
Retiring shortly so the additional $908 a month not going out would be great.
I know the front end and interest with mortgage insurance is high, but no mortgage payments, no ridiculously high taxes on a 401K withdrawal (if I decided to go that route to pay off the house,) and doubtful I could earn almost 8% over the long haul. Don't care about leaving an estate.
sounds like a good deal to me. Is It?
I qualify for a 168,000 lump sum reverse mortgage. I'd pay off the home and have 27,000 left over to invest. Taxes are not an issue.
Retiring shortly so the additional $908 a month not going out would be great.
I know the front end and interest with mortgage insurance is high, but no mortgage payments, no ridiculously high taxes on a 401K withdrawal (if I decided to go that route to pay off the house,) and doubtful I could earn almost 8% over the long haul. Don't care about leaving an estate.
sounds like a good deal to me. Is It?