Can you give me some advice on Reverse Mortgage. Are they Good or Bad?

Reverse mortgage is good for older folks of they





- wish to stay in their home


- can't afford to make the mortgage, or need cash to cover expenses.


- don't have any other liquid assets.





It allows you the opportunity to stay in your home, if you acnnot afford to sell and move. Downside is you give up your home when you die, so there is not anything to leave your children if you have them.





Also, the amount you can get is dependent upon your age and health. If you are younger with a long lifespan, they will not allow much out. It is like life insurance in reverse.Can you give me some advice on Reverse Mortgage. Are they Good or Bad?
good for you, bad for those waiting for you to die to take your assets.Can you give me some advice on Reverse Mortgage. Are they Good or Bad?
A reverse mortgage can be a good thing if your home is fully paid up and you want additional money to live on. Basically, what a reverse mortgage does is provide you a payment; all at once, in a single lump sum of cash; or as a regular monthly cash advance; or as a ';creditline'; account that lets you decide when and how much of your available cash is paid to you; or as a combination of these payment methods. You must be at least 62 years of age. There is no repayment of this until you sell your home, die or permanently move out.





The down side of this is that you will be utilizing the equity in your home and it will reduce the amount you will leave your heirs.