Should you get a reverse mortgage? That really all depends on your age, homeownership status and a few other factors. For many seniors, reverse mortgages offer more benefits than drawbacks. Ask yourself, “is a reverse mortgage right for me?” Take a look at the pros and cons of a reverse mortgage to determine if it’s the right choice for you or for your parents.
If you’d like to stay in your home and age in place, reverse mortgages might be an ideal option for you. A reverse mortgage loan is a special kind of home equity loan that allows you to use your equity to pay for various expenses. Read More
A reverse mortgage is one of the most misunderstood financial products available. Even if they qualify for a reverse mortgage and would benefit from the extra stream of funds it would create, many seniors avoid considering one because of myths and misconceptions about reverse mortgages.
Reverse mortgages are probably the most misunderstood financial products for seniors. Celebrity spokesmen on TV commercials make them sound wonderful, while negative rumors (“It’s a scam!” “It’s too good to be true!” “The bank will get your home!”) abound. You just don’t know who or what to believe.
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