There have been more regualtions put into place recently to make reverse mortgages a bit safer but they still carry some inherent risks, even in Las Vegas, Nevada.
Reverse mortgages are loans that people age 62 or older can take out against their home’s equity when refinancing or purchasing Las Vegas, NV homes for sale. Yet, many borrowers have run into issues because they took their equity as a lump sum and spent the cash quickly. Recently some new rules, which launched in October, discourage Las Vegas homeowners from taking lump sum payouts by reducing the payment a borrower receives if they take the entire amount immediately.
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