A reverse mortgage is a tool – a financial instrument. There is no reason to jump to conclusions that a reverse mortgage is bad. As a matter of fact, I think for many retirees reverse mortgage pros far outweigh the cons.
Before I lay out the pros and cons of the “Caregiver Mortgage” from National Family Mortgage – a line of credit secured by the home – let me offer a brief explanation of reverse mortgages and how they.
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Doing a reverse mortgage could be a good option for you, but you will first want to consider all of the pros and cons in light of your unique financial situation.
Q. 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 who all are.
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The above information represents the real and true pros and cons of a reverse mortgage – if you have any other questions or concerns then feel free to leave a comment below and we’ll respond in due course.
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Reverse mortgages may seem like a product of last resort, but for certain homeowners they can be a viable way to access the equity they have built up in their home. Made familiar by famous spokesmen.
Whether or not to get a reverse mortgage does not escape this axiom. What it usually boils down to: Do the pros outweigh the cons? Also consider, what is the downside of a reverse mortgage? Let’s look at some of the pros and cons of a reverse mortgage and hopefully this can help you decide whether or not it is the right product for you.
1. Reverse Mortgages have Higher Closing Costs vs Traditional Loans. In this case, let’s start with the downsides.Reverse mortgages can be expensive loans. With the government insured reverse mortgage (HUD HECM) borrowers have both upfront and annual renewal mortgage insurance premiums (MIP) to pay.
Reverse Mortgage Cons. Con: A home with a reverse mortgage could go into default As with a traditional mortgage, if you fail to keep up the home, pay your property taxes and homeowners insurance, or fail to comply with your loan terms, your loan could go into default.