Subscribe to Answers
I do not think that reverse mortgages are any good except for the mortgage company.
Norm Padula, JD, GRI
They should be the last option on the list of solutions.
John McCormack, CRS
Sharon Parisi Anyone who wishes to go with a reverse mortgage should read between the lines. There is more to it than meets the eye.
There's only one.
DON'T CHANGE YOUR MIND.
Good morning Sharon. We talk many folks out of doing a reverse mortgage, as it is not in their best interest, unfortunately many think it is a good idea and just don't know why.
Make it a great weekend!
High fees and difficulty passing the home on to your heirs.
Checking other answers.
Sometimes, a homeowner needs help with manging their delinquent property expenses. There expenses include property taxes and homeowner's insurance, as well as up to 12 months of additional assistance for future property expenses.
Norm nailed this one!
I know someone who did a reverse mortgage and now has found she is totally screwed.
None if you need the funds to survive, have no other income, need to pay medical & feed yourself etc., and do not intend to pass on your home to any heirs. If it is all yours and you need it, use it. It needs to be in the best interest of the homeowner, not the lender, agent or any other interested party. That said there may be other options for the homeowner to consider, or it may be the only option. All cases are specific to the individual.