Si mira televisión, probablemente haya escuchado voces conocidas como la del actor Tom Selleck promocionando las hipotecas inversas como una herramienta invaluable para cualquier jubilado. Sin embargo, cada producto financiero tiene dos caras, por lo que conviene sopesar cuidadosamente los pros y los contras de una hipoteca inversa.
¿Qué es una hipoteca inversa?
A reverse mortgage allows homeowners 62 and older to convert real estate capital into cash for consumption.
La gran mayoría de las hipotecas inversas están aseguradas por la Administración Federal de Vivienda (FHA), lo que significa que si el prestatario no paga la deuda, esta se reembolsará utilizando las reservas de la FHA.
El gobierno se refiere a las hipotecas inversas como “HECMs”, o hipotecas de conversión de valor de la vivienda, y los prestatarios deben pagar una prima de seguro inicial y una prima anual de 0,5% del préstamo pendiente para participar. Estas primas se utilizan para financiar las reservas de la FHA.
Además de las hipotecas inversas garantizadas por la FHA, existen otros dos tipos:
- Hipotecas inversas propietarias: están disponibles a través de prestamistas privados y no están sujetas a las líneas de crédito de la FHA.
- Hipotecas inversas de propósito único: son menos comunes y el dinero que obtiene de una de estas hipotecas solo se puede usar para un propósito específico, por ejemplo: B. Renovar parte de la casa o pagar impuestos sobre la propiedad. Puede encontrar estas opciones a través de algunos gobiernos estatales y locales y organizaciones sin fines de lucro.
¿Cómo funciona una hipoteca inversa?
Una hipoteca inversa le permite obtener dinero sin tener que pagar sus facturas de inmediato.
Consider this math: In a traditional mortgage, if you borrow $100,000 at a fixed rate of 3.4% for 30 years, your monthly payments (principal and interest) are $443.48. If you borrow $100,000 through a reverse mortgage, you will pay zero monthly principal and interest.
Too good to be true? OK then. You will still owe money. You don’t have to pay back the money until you sell the house, move out, or die. If the latter is the end of your reverse mortgage, the onus to pay it lies with your spouse or heirs, who may have to sell the home.
In our $100,000 mortgage example, the borrower pays about $443 per month. Of that, about $160 is paid in the first month to reduce the loan balance. The remainder (about $283) is interest, or the borrowing fee the lender charges you. The payment plan continues monthly, with more principal payments and less interest over time, until the loan term expires.
Reverse mortgages reverse this process. Instead of paying monthly, you don’t have to pay anything. However, that doesn’t mean the loan is free. The cost of interest is added to the mortgage balance, so the balance increases in the second month. Since the loan balance is now slightly larger and the interest cost is slightly higher, this process continues until the loan is repaid. This repayment is usually made within one year of moving out or death.
Ventajas de una hipoteca inversa
Podrás gestionar mejor tus gastos de jubilación
Muchas personas mayores tienen una caída significativa en sus ingresos después de la jubilación, y los pagos mensuales pueden ser su mayor gasto. Una hipoteca inversa le permite complementar sus ingresos reducidos y seguir pagando sus facturas.
No tienes que moverte
Rather than looking for a new, more affordable home, a reverse mortgage allows you to retire in place (and possibly stay close to friends and family). Although reverse mortgages have costs, getting a reverse mortgage can be cheaper than moving and buying another home or renting in a new location.
No tienes que pagar impuestos sobre tus ingresos
The income you get from a reverse mortgage is not taxed because the IRS considers the money to be “gotten from the loan.” However, tax regulations can be complex, so be sure to consult a tax professional before taking a reverse mortgage.
Estás protegido si el saldo excede el valor de tu vivienda
As the reverse mortgage balance increases, it is possible over time to exceed the fair market value of the property. However, the amount of debt to be repaid can never exceed the value of the property, as a reverse mortgage is an example of non-recourse financing. As a result, the mortgage lender cannot make any claims against your other assets or heirs in this situation.
Tu heredero tiene una opción
Las hipotecas inversas permiten a los prestatarios realizar pagos anticipados, pero generalmente finalizan cuando el prestatario se muda, vende la casa o muere. En caso de sucesión, los herederos tienen varias opciones: pueden vender la propiedad para saldar la deuda y aumentar el patrimonio por encima del saldo del préstamo; Si la propiedad vale lo suficiente, puede conservar la casa y refinanciar el saldo de la hipoteca inversa o, si la deuda excede el valor de la propiedad, el heredero puede liquidar el préstamo devolviendo la propiedad al prestamista. El prestamista puede entonces presentar un reclamo contra la compañía de seguros (casi siempre la FHA) por el saldo impago.
Disadvantages of Reverse Mortgage
Tienes que pagar por ello
The cost of a reverse mortgage includes lender fees (up to $6,000 in initial fees, depending on the size of your loan), FHA insurance, and closing fees. These costs can be added to the loan balance; however, this means the borrower will have more debt and less equity. You’ll also pay a nasty monthly service fee, which can increase by up to $35 if your interest rate is adjusted monthly.
No puedes deducir los intereses de tus impuestos hasta que pagues tu préstamo
You may have tax-deducted mortgage interest when you pay off your mortgage, but you can’t deduct interest on a reverse mortgage each year. You only get this benefit when you actually pay off the loan.
You can’t get that much with the fixed price option
HECM is structured so that both floating rate and fixed rate financing options are available. However, if you want fixed-rate financing, you can get less equity than an adjustable-rate reverse mortgage.
Puede violar inadvertidamente otros requisitos del programa.
En resumen, una hipoteca inversa puede hacer que usted viole los límites de activos de su programa de Medicaid y de Seguridad de Ingreso Suplementario (SSI). Es complicado, así que asegúrese de consultar con un abogado especializado en derechos geriátricos o una clínica legal antes de buscar un programa de hipoteca inversa.
Su casa puede estar en ejecución hipotecaria
Since reverse mortgages do not require monthly principal and interest payments, foreclosure seems impossible. It’s not like this. If seniors don’t pay property taxes, don’t have home insurance, or don’t pay HOA fees, their home can be subject to foreclosure.
¿Quién es un buen candidato para una hipoteca inversa?
¿Es una hipoteca inversa realmente una buena idea dada la posible complejidad y el riesgo de poner en peligro la vivienda? Para algunos propietarios, la respuesta puede ser sí:
- If you plan to stay at home long-term – since you will be paying additional closing costs through a reverse mortgage, you will need to stay at home long enough to justify the cost. So if you’re 62, have a history of longevity, and believe that your current location is your forever home, a reverse mortgage might make sense. Also, if you live in a market where real estate values are rising rapidly (which seems to be the case in many parts of the country at the moment), your property may be worth more if you or your heirs repay the loan.
- When you need more money for day-to-day expenses – if you’re struggling to manage retirement expenses, a reverse mortgage can help you prepare the cash for those tasks.
¿Quiénes son los malos candidatos para las hipotecas inversas?
Hay muchas señales de que una hipoteca inversa no es una buena opción:
- If you’re planning to move – remember that you need a long runway to make it worthwhile to pay all the closing costs, mortgage insurance and other expenses. So if you think you may soon be moving to a new location or downsizing to a smaller location, stay away from reverse mortgages.
- If you need to move for health reasons – a reverse mortgage requires you to live at home, which means moving to a nursing home or some sort of assisted living may result in you having to pay off your loan. If you’re constantly concerned about your health, it might be wise to avoid a reverse mortgage.
- If you’re struggling to pay the other costs of your home – one of the most important components of a reverse mortgage is your ability to pay property taxes and homeowners insurance. If you’ve been struggling to raise cash for these basic expenses, increasing your debt shouldn’t be on the table.
Aquí le mostramos cómo obtener una hipoteca inversa si es lo adecuado para usted
Si ha sopesado todos los pros y contras y cree que una hipoteca inversa es buena para usted, aquí le mostramos cómo obtenerla:
- Vea si usted califica. Para obtener una hipoteca inversa, debe cumplir con algunos requisitos clave: debe tener al menos 62 años, vivir en su propia casa y tener activos sustanciales (generalmente al menos 50%).
- Reúnase con un asesor financiero aprobado por HUD. Debido a que las hipotecas inversas son tan complejas, necesitará reunirse con un experto que pueda guiarlo a través de todas sus opciones.
- Compare varios prestamistas. Cada prestamista es diferente y cobra tarifas diferentes. Asegúrese de consultar una gama de opciones para encontrar los costos de entrada y liquidación más bajos, así como las tarifas más competitivas.
- Hable de esto con sus herederos. Si planea dejar su propiedad a alguien de su hogar, debe discutir con ellos su plan de hipoteca inversa. Asegúrese de que comprendan lo que significa y qué hacer cuando muere.
En resumen: ¿Debería obtener una hipoteca inversa?
Reverse mortgages don’t have a perfect reputation due to some scams targeting unsuspecting seniors. Even reputable companies have tried dishonest marketing to deceive homeowners into taking out reverse mortgages: Recently, the Consumer Financial Protection Bureau filed a lawsuit against one of the largest U.S. consulting groups for fraudulent marketing (American Advisors Group) imposed a $1.1 million reverse mortgage penalty.
So, simple rule: be very, very careful about endangering your home.
Still, there are two main reasons seniors might consider their reverse mortgage options today:
- Increased Equity – As home values have risen over the past decade, so has home equity. Between the third quarter of 2020 and the third quarter of 2021, the average U.S. homeowner received more than $56,000 in equity, according to CoreLogic.
- Interest rates are historically low – and while rates are starting to rise and likely to continue in 2022, now is still a good time to borrow money. Interest rates on 30-year loans are currently estimated to remain below 4% next year.
Remember, you have other ways to get cash. Compare a home equity loan with a reverse mortgage to see which one is better for your needs.
