Senior citizens are seeing the advertisements on television about the virtues of a reverse mortgage, and what a good deal it is for seniors. A reverse mortgage is available for persons 62 or older who own their home or own equity in their home, and advertisements are that it pays you every month.
Actually, it is a very expensive way to get some equity out of your house, unless you do not care about your children or your heirs. It will leave them with little equity in the home, and may set traps for you that you never imagined.
Consider that there are costs with the reverse mortgage that you will be required to pay. This includes the usual upkeep, taxes, insurance, and a yearly FEE for the reverse mortgage.
Consider even more seriously that you MUST live in the house, and if you go to a nursing home or live elsewhere for more than twelve months, your full mortgage will probably come due.
The reverse mortgage controls your FUTURE, and the inheritance your children may receive. We have written an article on the reverse mortgage implications, and recommend that you consider all your options.
Here is the URL in case the link does not work. Just put this information in the top of your browser and read the article.
http://www.ehow.com/how_5440490_review-reverse-mortgage.html
We have no affiliation with any business relating to reverse mortgages, but are concerned about the effects the reverse mortgage will have on American consumers over time. Please research this carefully if you are considering a reverse mortgage. Look for less expensive alternatives. They are out there.
We hope this is helpful to some of you!
See you next time.
Linda
cajunC
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