pros and cons of reverse mortgages for seniors

Success, and failure. Even the federal housing administration, which insures most of these mortgages, has taken a hit, to the tune of $2.8 billion in projected losses on reverse mortgages over the next 30 years. Some of the deficit stems from defaults, some from homes underwater.

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 · The Pros and Cons of Reverse Mortgages for Seniors In a recent article, we discussed the various types of reverse mortgages which might be viable retirement planning tools for seniors. As a reminder, a reverse mortgage allows eligible homeowners who are over the age of 62 to tap into the equity of their primary residence, either as monthly income or a single lump sum payment.

Cons of a Reverse Mortgages. Can be expensive. Though closing costs are typically financing into the loan, you may end up using up between $5,000 to $10,000 of your home equity immediately. Choices to make with complex tradeoffs. Though you will have help from a HECM counselor and hopefully other advisors, you will need to make a complicated decision.

If you’ve thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualify Are Reverse Mortgages Helpful or Hazardous? Often considered a loan of last resort for older retirees, reverse mortgages are there for homeowners who worry about outliving their savings

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PROS OF A REVERSE MORTGAGE. No monthly mortgage payments are required for as long as you live in the home and continue to meet your obligations to pay your property taxes and homeowners insurance and maintain the property. As with any mortgage, you must meet your loan obligations, keep current with property taxes, insurance, maintenance, and any homeowners association fees.

Reverse mortgages are better known for their cons than their pros, as they can be hard to understand, the fees and interest consume a substantial portion of the homeowner’s equity and they’ve been used in home repair and investment scams to steal money from unwitting seniors.

More than 78000 reverse mortgages were insured last year by the U.S.. Understand the pros and cons before signing on the dotted line.

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