'Pros & Cons' Category Archives

Is a Reverse Mortgage a Good Idea? 4 Smart Reasons to Consider in 2025

March 5, 2025     27 comments

Thinking about your finances can feel overwhelming, but a reverse mortgage can provide financial relief and peace of mind when used wisely. It’s a loan designed to help homeowners aged 62 and older turn their home equity into cash—without selling or making monthly mortgage payments.  But is it a good idea for you? This guide explores four scenarios where a...
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Debunking the Top 10 Reverse Mortgage Downsides

February 23, 2025     17 comments

Reverse mortgages have long been surrounded by misconceptions, leading many to believe they come with significant downsides.  In reality, many of these concerns are based on myths.  In this guide, we will debunk the top 10 common claims about the downsides of reverse mortgages, providing you with the clarity you need. Whether you're exploring reverse mortgage options for yourself or...
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Reverse Mortgage Pros and Cons: Understanding Benefits & Risks in 2025

May 19, 2024     13 comments

Welcome to our comprehensive guide on the pros and cons of reverse mortgages!  When used correctly, a reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), can add stability to your retirement years. However, as with any financial product, reverse mortgages are not always the best program for everyone.  This guide will help homeowners evaluate financial options, understand...
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Is a Reverse Mortgage Right for You? 3 Key Considerations

January 22, 2024     8 comments

Like many of our readers who are navigating retirement, you might wonder if a reverse mortgage is right for you.  You've likely seen your equity grow substantially, possibly even owning your home outright - a common scenario for many baby boomers. Your home, often your largest asset, may lead you to consider the option of a reverse mortgage.  At All...
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How to Get Out of a Reverse Mortgage: Your Options Explained

October 10, 2023     39 comments

I have a reverse mortgage, and I’m having problems with it. Was it legal to get a reverse mortgage without my lawyer explaining the situation? I never knew the pros and cons of a reverse mortgage. I think it’s a legal way to swindle homeowners out of their homes. How can I get out of the reverse mortgage? I’m sorry...
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Top 4 Warning Signs a Reverse Mortgage May Be a Bad Idea

October 10, 2023     13 comments

A reverse mortgage can be a viable solution for the right homeowner—primarily seeking a way to age in place effectively. These loans are available to people age 62 or older who have built up a substantial amount of home equity and allow borrowers to generate additional cash flow in retirement.  However, a reverse mortgage can be the wrong decision in...
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Reverse Mortgages Are No Longer a “Last Resort”

January 18, 2023     2 comments

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, and no loan is perfect for everyone. A reverse mortgage can...
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Avoid These 3 Common Reverse Mortgage Mistakes to Protect Your Retirement

April 20, 2022     1 comment

Reverse mortgages offer homeowners aged 62 and older a powerful tool to tap into home equity, providing tax-free funds for retirement.  Whether covering medical bills, funding in-home care, or making home improvements, these proceeds can enhance financial flexibility—without the burden of state or federal income taxes.  However, their success hinges on smart decision-making.  Careless use can jeopardize your financial security...
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Should You Sell Your Home or Take a Reverse Mortgage?

July 2, 2021     2 comments

The decision to take out a reverse mortgage may stem from a variety of reasons, whether it’s a desire to stay in your home or the need for extra cash flow. 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...
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6 Signs a Reverse Mortgage Makes Sense for You

March 1, 2019     no comments

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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