Posted by: islamicfinancingnews | November 13, 2012

Here’s a few alternatives to reversing Islamic mortgages

Getting your hands on the equity that you’ve built up with Islamic loans can be tempting but you need to pay attention to all the consequences of certain products like reverse mortgages. When you’re dealing with Islamic mortgages that pride themselves on treating people fairly, it’s necessary to get a full picture that includes some alternatives to this financial product. Here are a few suggestions:

  • Rent your home out. If you’re looking for some extra cash flow, why not rent your home out? Although some find this a risky proposition, getting the right recommendations from any prospects and a security deposit can allay any fears.
  • Start a home business. Remember there are many deductions involved when your run the enterprise from home. These are an advantge when you’re looking to supplement a cash flow situation.
  • Downsize. Families grow up and move away. If you don’t need all the space that you have presently, why not look at getting a smaller home. The costs will be less and that will put a few more bucks back into your pocket.

There are some viable alternatives to dealing with the bank and getting a reverse mortgage. When you’ve gone through the process of applying for and getting Islamic mortgagesthere’s no reason not to look into all of your options.


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