Reverse Mortgages Pros and Cons

Reverse Mortgages Pros and Cons - Rumors of deceitful sales...

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Reverse Mortgages Pros and Cons A reverse mortgage gives you the benefit of staying in their home. However, if you have a reverse mortgage then you give up the option of selling your home or getting a home loan. The equity in your home now belongs to the bank. Is a reverse mortgage the best option for the equity in your property? The major benefit is the ability to take money out of your home in either one full payment or monthly payments. Moreover, you will be able to remain living in your home. Given that the fees for the reverse mortgage are rational and the company you work with is reputable, a reverse mortgage is a good way to get money out of your home without having to resort to getting a home loan. The fees for a reverse home loan can be very tricky to comprehend. It is difficult for the majority of people to be able to evaluate the difference between reverse mortgage offers.
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Unformatted text preview: Rumors of deceitful sales individuals routing seniors to reduced value products to make commissions. A good number people do not know how to compare these complicated products. Another issue with reverse mortgages is that there is no equity left in the home. This means that there wont be any equity to pass on to your family. Moreover, in cases of illness or injury that forces owners to move into assisted living, the house is turned over to the bank. Maybe you come to a decision to make a move somewhere else. In situations like this there is not much you can do given that your house no longer belongs to you. A reverse home loan is one of numerous cash flow sources for people who own and have equity in their own home, but is it right for you?...
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