what are the cons of a reverse mortgage

Many homeowners are finding added stability and greater financial security through a reverse mortgage. Though, it may not be the right solution for everyone – it’s something worth considering. Let’s start by weighing the pros and cons: Reverse mortgage pros Remain in your memory-filled home

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Reverse mortgages are a financial tool marketed toward seniors who are looking to cash in on the equity in their homes. Homeowners age 62 and older can borrow against their home’s value and the loan doesn’t have to repaid until you vacate the property. Reverse mortgages are touted as a low-cost.

Reader Question: Reverse mortgages, good or bad. What to look for and avoid. I’m 81; it’s our primary residence, no mortgage – free and clear. We have a $1,000,000 second home that will go to our kids.

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For many people, a Reverse Home Mortgage is a good way to increase their financial well-being in retirement – positively affecting quality of life. And while there are numerous benefits to the product, there are some drawbacks – reverse mortgage disadvantages. Reverse Mortgages are providing.

The most common kind of reverse mortgage is called a Home Equity Conversion Mortgage or HECM. A HECM is a "non-recourse" loan insured by the FHA meaning that the loan is secured solely by the property, rather than by the borrower.

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The CNN Money Help Desk addressed a viewer question today which asks: What are the pros and cons of acquiring a reverse mortgage? Help Desk expert and Certified Financial Planner Doug Flynn answered.

Cons of a Reverse Mortgages Here are the disadvantages of a reverse mortgage worth considering: Your heirs can’t keep the home without paying off the loan – If you want to leave your home to your children or other heirs, it is best to find a different option than a reverse mortgage for meeting your financial needs.

A reverse mortgage loan may provide the financial freedom that lets you live the retirement you desire, pay off medical bills, make home improvements, or just free up some extra cash. weighing the benefits and risks is important before any major decision, so we have highlighted the potential pros and cons of a reverse mortgage loan.

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