pitfalls of reverse mortgages

Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes that need not be paid back until they move out or die, have long posed pitfalls for older borrowers. Now many like Ms. Santos are discovering that reverse mortgages can also come up with a harsh sting for their heirs.

The Disadvantages of Reverse Mortgages;. If after reviewing the disadvantages of a reverse mortgage, you feel it is a financial transaction that is right for you, you must first get counseling from a local HUD approved counseling service. The purpose of the counseling service is to make sure.

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Understanding the pitfalls of reverse mortgages. By david lazarus. nov 27, 2014 | 4:30 PM . Reverse mortgages, which once deserved their bad reputation, have changed so that they are safer and.

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On the plus side, reverse mortgages can give you. Wondering about reverse mortgage disadvantages and advantages? reverse mortgages are perhaps better known for the former than the latter. They can be hard to understand, the fees and interest consume. Reverse mortgages are complicated and awareness of pitfalls can avoid costly mistakes.

HuffPost: Reverse Mortgage Pros and Cons – The Huffington Post weighs the advantages and disadvantages of taking out a reverse mortgage in a recent column, ultimately urging those considering the loan.

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Reverse Helpline is not acting as a lender or broker. The information provided by you to Reverse Helpline is not an application for a reverse mortgage loan, nor is it used to pre-qualify you with any lender. Use our reverse mortgage calculator to estimate the funds you may qualify for through a reverse mortgage.

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Wondering about reverse mortgage disadvantages and advantages? Reverse mortgages are perhaps better known for the former than the latter. They can be hard to understand, the fees and interest consume a substantial portion of the homeowner’s equity and they’ve been used in home repair and investment.

Reverse mortgages can be complicated, but they also offer a unique way to tap your home equity in a way that’s consistent with the typical retiree’s lifestyle. As long as you’re aware of the potential.

Subtopics: Reverse Mortgages; Home Equity Conversion Mortgages (HECMs);. Pitfalls of Reverse Mortgages May Pass to Borrower's Heirs – NYTimes.com.