Hvis du ser på TV, har du sannsynligvis sett kjente stemmer som skuespilleren Tom Selleck hevde omvendte boliglån som et uvurderlig verktøy for enhver pensjonist. Imidlertid har hvert finansprodukt to sider, så vei nøye fordeler og ulemper med et omvendt boliglån.
Hva er et omvendt boliglån?
A reverse mortgage allows homeowners 62 and older to convert real estate capital into cash for consumption.
Det store flertallet av omvendte boliglån er forsikret av Federal Housing Administration (FHA), noe som betyr at hvis låntakeren misligholder gjelden, vil den bli tilbakebetalt ved hjelp av FHA-reserver.
Regjeringen omtaler omvendte boliglån som «HECM» eller boliglån, og låntakere må betale en forhåndsforsikringspremie og en årlig premie på 0,5% av det utestående lånet for å delta. Disse premiene brukes til å finansiere FHAs reserver.
I tillegg til FHA-garanterte omvendte boliglån, er det to andre typer:
- Proprietære omvendte boliglån - Disse er tilgjengelige gjennom private långivere og er ikke underlagt FHA-kredittlinjer.
- Enkeltformål omvendte boliglån – Disse er mindre vanlige, og pengene du får fra et av disse boliglånene kan bare brukes til ett bestemt formål, f.eks. B. Pusse opp en del av huset eller betale eiendomsskatt. Du kan finne disse alternativene gjennom enkelte statlige og lokale myndigheter og ideelle organisasjoner.
Hvordan fungerer et omvendt boliglån?
Et omvendt boliglån lar deg få penger uten å betale regningene dine med en gang.
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.
Fordeler med et omvendt boliglån
Du kan bedre administrere pensjonsutgiftene dine
Mange seniorer har et betydelig fall i inntekt etter pensjonering, og månedlige tilbakebetalinger kan være deres største utgift. Et omvendt boliglån lar deg supplere din reduserte inntekt og fortsette å betale regningene dine.
Du trenger ikke å flytte
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.
Du trenger ikke betale skatt av inntekten din
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.
Du er beskyttet hvis saldoen overstiger verdien av boligen din
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.
Din arving har et valg
Omvendte boliglån tillater låntakere å foreta tidlig tilbakebetaling, men slutter vanligvis når låntakeren flytter, selger boligen eller dør. Ved skifte har arvingene flere alternativer: de kan selge eiendommen for å betale ned gjelden og bringe egenkapitalen over lånesaldoen; hvis eiendommen er verdt nok, kan du beholde boligen og refinansiere saldoen til det omvendte boliglånet, eller hvis gjelden overstiger verdien av eiendommen, kan arvingen gjøre opp lånet ved å returnere eiendommen til utlåner. Långiveren kan deretter sende inn et krav mot forsikringsselskapet (nesten alltid FHA) for den ubetalte saldoen.
Disadvantages of Reverse Mortgage
Du må betale for det
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.
Du kan ikke trekke renter fra skatten før du betaler ned på lånet
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.
Du kan utilsiktet bryte andre programkrav
Kort sagt, et omvendt boliglån kan føre til at du bryter grensene dine for Medicaid og Supplemental Security Income (SSI)-programmet. Det er komplisert, så sørg for å konsultere en geriatrisk rettighetsadvokat eller juridisk klinikk før du ser etter et omvendt boliglånsprogram.
Hjemmet ditt kan være på tvang
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.
Hvem er en god kandidat for et omvendt boliglån?
Er et omvendt boliglån virkelig en god idé gitt den potensielle kompleksiteten og risikoen for å sette boligen i fare? For noen huseiere kan svaret være ja:
- 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.
Hvem er de dårlige kandidatene for omvendte boliglån?
Det er mange tegn på at et omvendt boliglån ikke er et godt alternativ:
- 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.
Slik får du et omvendt boliglån hvis det passer for deg
Hvis du har veid alle fordeler og ulemper og tror et omvendt boliglån er bra for deg, er det slik for å få det:
- Se om du kvalifiserer. For å få et omvendt boliglån må du oppfylle noen viktige krav: Du må være minst 62 år gammel, bo i ditt eget hjem og ha betydelige eiendeler (vanligvis minst 50%).
- Møt en HUD-godkjent finansiell rådgiver. Fordi omvendte boliglån er så komplekse, må du møte en ekspert som kan veilede deg gjennom alle alternativene dine.
- Sammenlign flere långivere. Hver långiver er forskjellig og tar forskjellige gebyrer. Sørg for å sjekke ut en rekke alternativer for å finne de laveste inngangs- og oppgjørskostnadene, samt de mest konkurransedyktige prisene.
- Diskuter dette med dine arvinger. Hvis du planlegger å overlate eiendommen din til noen i husstanden din, bør du diskutere din omvendte boliglånsplan med dem. Sørg for at de forstår hva det betyr og hva du skal gjøre når du dør.
Bottom Line: Bør du få et omvendt boliglån?
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.
