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Reverse Mortgage Pros & Cons? Let's Start with Cons - Updated 2018

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'Pros & Cons' Category Archives

Reverse Mortgage Pros & Cons, Starting with the Downsides!

    29 comments
I can almost hear it now... “This is an article written by a guy who does reverse mortgages, there probably won’t be any cons!”  As passionate as we are about the reverse mortgage program, there are drawbacks in some instances, and we make certain that we point out the pros and cons to all reverse mortgage applicants. The product is...
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Considering a Reverse Mortgage? Avoid These 3 Common Mistakes

    1 comment
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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3 Reverse Mortgage Problems & Common Myths Expelled

    2 comments
Reverse mortgages are a financial product that have gotten a lot of bad press over the years, leaving many people who could potentially benefit from this type of loan with negative or problematic associations. What’s the real problem with the Reverse Mortgage? Is it really as bad as some media outlets would have you believe? The short answer is no, but don’t just...
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4 Reasons A Reverse Mortgage May Be a Bad Idea

    7 comments
Can a Reverse Mortgage be a Bad Idea? 4 Reasons A Reverse Mortgage May Not Be Right For You... 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...
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Is the Reverse Mortgage the Best Choice For You?

    no comments
Comment: my partner is 71, I am 75, We own our condo in CA  the balance on the mortgage is 52,000 and the approx value is 150,000-160,000.  is this program the best choice for us? Hi Rudy, You know, you used the magic words in there, "..the best thing for us".  We are of the opinion that reverse mortgages...
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Reverse Mortgages are NOT a “Last Resort”

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Historically, reverse mortgages were thought to be a solution only for people who found themselves “house rich” and “cash poor.” But today, the thinking has changed. Because a reverse mortgage allows the borrower to convert home equity into cash, either in the form of a lump sum payment, monthly installments or as a line of credit, the conventional thinking was...
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