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'Pros & Cons' Category Archives

4 Times a Reverse Mortgage is a Bad Idea (or even terrible!)

A reverse mortgage can be a very viable solution for the right homeowner—one who is primarily seeking a way to effectively age in place. Available to people who are age 62 or older and have built up a substantial amount of equity in their homes, reverse mortgages allow borrowers to wipe out their mortgage payments and can also serve as...
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Warning: Avoid These 3 Reverse Mortgage Mistakes

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Reverse mortgage can be valuable retirement tools, but they need to be used responsibly. Like many other financial products, the effectiveness of reverse mortgages is only as good as the judgement of the borrowers who use them. For homeowners age 62 and older, a reverse mortgage can provide an additional source of cash flow to supplement retirement savings. ...
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4 Times a Reverse Mortgage is a Good Idea (or even great!)

It's funny when you hear someone with a definite opinion, one way or the other about reverse mortgages that is the same no matter who you're talking about or what the circumstances are. The choice of whether or not to get this loan isn’t universally a “good idea” or “bad decision” - there are a lot of different factors that need...
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How to Determine if a Reverse Mortgage is Right for You.

Like many Americans in retirement, you may find yourself wondering about the best financial course to take and how to best use the money and assets you have worked to build over time. You probably have built up your equity over the years and you may even own your home free and clear. For many baby boomers, the home...
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Pros and Cons of a Reverse Mortgage in 2021 | ARLO™

When used correctly, a reverse mortgage, also known as the Home Equity Conversion Mortgage (HECM), can add stability to your retirement years. However, as with any financial product, it is not always the best program for everyone. We published this pros and cons guide to help you in making an informed decision about reverse mortgages and assist you in determining...
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Warning: Reverse Mortgage Downsides & Disadvantages

A reverse mortgage is a loan, and as with any type of loan there are benefits and there can be downsides. Here, we will address some of the pros and cons associated with reverse mortgages for those qualifying individuals who are age 62 and older. The reverse mortgage is a home loan that allows qualifying borrowers to borrow against...
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Should You Sell Your Home or Take a Reverse Mortgage?

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When facing the decision to take out a reverse mortgage or sell your home, there are a few factors to weigh. Each option has its own pros and cons and can vary depending on your particular situation. Pros & Cons of Selling Your Home Perhaps the most important thing to consider is your ultimate goal for your future living situation,...
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6 Signs a Reverse Mortgage Makes Sense for You

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1. You’re 62! Happy birthday! The federally-insured Home Equity Conversion Mortgage program requires borrowers to be at least 62 years of age in order to qualify for the loan. Other basic requirements include owning your home outright or with most of your mortgage paid off, maintaining that home as your primary residence, and staying current on property tax and homeowners...
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Reverse Mortgages Are No Longer a “Last Resort”

I've been told to wait on taking a Reverse Mortgage as a last resort. Why? Let me start by saying that we are a reverse mortgage lender who will be the first to tell you that reverse mortgages are not for everyone. But that's true of any financial product, there just isn't anyone that is perfect for everyone. A...
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Getting Out of a Reverse Mortgage Loan in 2021

Margaret has sent the following question in the ask ARLO! blog I have a reverse mortgage and I'm having problems with it. Was it legal for me to get a reverse mortgage without my own lawyer to explain the situation to me? I never knew the pros and cons of a reverse mortgage. I think it's a legal way to Swindle...
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