Is a reverse mortgage a good idea? Getting a reverse mortgage is a terrible idea. You’ll owe a boatload of fees and interest, you could leave your family with a huge mess on their hands, and—worst of all—you could wind up losing your home. ...
Is a reverse mortgage a good idea? A reverse mortgage can be a life-changing decision — for better or for worse. If your cash flow has dried up and you have no other way to cover the cost of either major, one-time expenses or minor, daily expenses, a reverse mortgage is an effecti...
While using a reverse mortgage can be a good idea for some older homeowners, there are risks and drawbacks that may make it unfavorable for others. Let’s take a look at the pros and cons of this retirement strategy, who is likely to benefit from a reverse mortgage, and who may be bet...
If you're a senior looking to reduce expenses or have extra income, a reverse mortgage may be worth considering.
Is a Reverse Mortgage a Good Idea? Lots of folks wonder if a reverse mortgage is a good idea. Unfortunately, many shady loan companies took advantage of seniors and bilked them out of money years ago. For this reason, this kind of loan has gotten a bad wrap over the years. Those days...
A reverse mortgage is a unique type of loan where instead of making monthly payments to the lender, you receive money from the lender. However, it's crucial to understand that a reverse mortgage is not free money and comes with several important consider
A reverse mortgage is a first mortgage loan that can be used to pay off an existing mortgage, get cash out, or set up a line of credit for future draws. The main differentiator between it and a regular mortgage is that no principal or interest payment is required while you live in the...
What Are the Downsides to a Reverse Mortgage? Reverse mortgages remain a popular lure for cash-strapped seniors, but what’s good in theory is often terrible in execution. First off, they’re packed with fees as noted earlier. Meanwhile, if you take the lump-sum cash-out option, that can...
You’ll need to pay off the remaining balance of your mortgage with the funds from the reverse mortgage. You have two payout options:a lump sum payout, ora line of credit. Lump sum payouts carry higher fees as you’ll pay interest on the full loan amount. ...
Reverse mortgages can be complicated; ask a financial advisor or estate attorney for advice before signing yours. If you’re an older homeowner, you might be considering a reverse mortgage. These types of loans provide payments — tax-free — based on your home’s equity, with very specific ...