About the Author: The above Real Estate information on the pros and cons of a reverse mortgage was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 29+ Years.
Discovering the pros and cons of a reverse mortgage will help you learn about the advantages and disadvantages of this loan. Learn more with us today.
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A reverse mortgage can be a valuable retirement planning tool that can greatly increase retirees income streams by using their largest assets: their homes.
What are the pros and cons of a reverse mortgage? There are many factors to consider when figuring out if a reverse mortgage is right for you, so it is important that you understand all of the possible benefits and pitfalls, so we’ve listed the most common reverse mortgage pros and cons below.
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Learn about the benefits of reverse mortgages. We'll help you navigate the pros and cons to avoid reverse mortgage pitfalls.
Reverse mortgages are often thought of as disadvantageous because they can be hard to understand, the fees and interest consume a substantial portion of the .
CONS of a reverse mortgage The loan balance increases over time as interest on the loan and fees accumulate. As home equity is used, fewer assets are available to leave to your heirs.
Cons of a Reverse Mortgage Depending on the program, the up-front fees may be higher than other types of financing. Reduces the amount of equity for your heirs.
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Pros of Reverse Mortgages Allows the homeowner to stay in the home. 1 Can pay off existing mortgages on the home.
If you’re planning to move within five years, a reverse mortgage isn’t a good idea. Closing costs are typically high and the loan is due if the home is no longer your primary residence. Inheritance affected. A reverse mortgage will lower your home equity and affect your estate.