Reverse mortgages have their own complications and can be expensive
The Aug. 11 article regarding reverse mortgages seemed to be promoting them. People should be aware of the pitfalls.
Anyone who’s at least 62 years old, has significant equity in a home, and has a mortgage that’s paid up or nearly so probably knows they’re eligible for a reverse mortgage. Promotions tout the potential advantages to older homeowners and invite them to call for information.
Once they do, they’ll learn that reverse mortgages are complex and expensive. For some eligible homeowners, these loans are a costly means of tapping cash that could be accessed more prudently some other way.
Post from: Reverse Mortgage Loan Blog
Reverse mortgages have their own complications and can be expensive
