Is a Reverse Mortgage Worth It?

Whether you are wanting to buy a new home, need extra income, or want to help prepare a loved one for retirement. A reverse mortgage might be for you!

The Pros:

As long as you pay your property taxes, insurance, and maintenance, you can continue to reside in your house and keep your title.
The loan proceeds are usually given to you as tax-free cash, which you can spend any way you like. However, you should consult with your financial counselor to confirm your specific situation.
During the term of the loan, you do not make any monthly mortgage payments. You are responsible for paying your property taxes, insurance, and maintenance, as well as adhering to the loan guidelines.
A reverse mortgage is a non-recourse loan. You and your heirs are not responsible for any portion of the mortgage that exceeds the value of your home.
You select the option for disbursement. The loan funds might be received in a number of different ways.

The Cons:

The fees associated with the loan are often higher than those associated with other financial products. You should speak with your lender about your options.
The loan balance, as well as the interest and costs associated with it, grows over time.

Want to find out if a Reverse Mortgage is right for you?

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Mary Jo Lafaye

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Is a Reverse Mortgage Worth It?

Is a Reverse Mortgage Worth It?