There are many things to consider when deciding to do a reverse mortgage. There are definite positives and negatives that go along with this program. Some of the pros to consider are the fact that, if you spend your money wisely, you can live comfortably for the rest of your life off of this loan. Another positive about a reverse mortgage is that you will not be asked to make a monthly payment or to repay the loan at all until the time comes when you must sell your house. At that time, the loan amount will be paid back from the house sale. A big negative is that, with a reverse mortgage, you are losing the opportunity to leave your heirs a significant amount of money for an inheritance. Taking out a smaller amount instead of 100% of your home equity will at least leave your children or grandchildren some sort of inheritance.
Is a Reverse Mortgage Right for You?
March 4th, 2009 | Reverse Mortgage
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