Pros and Cons of a Reverse Mortgage
Getting a Reverse mortgage can be confusing for a lot of senior homeowners today.? There has been so much talk about these mortgages that it?s become almost overwhelming.? Information provided here is intended to give you a ?real overview? of a reverse mortgage program, so you can make an intelligent informed decision.? These home mortgage programs are designed for Seniors 62 years and older.
For anyone considering a reverse mortgage, it basically comes down to whether it?s right for you, and what you want to accomplish.? Keeping that in mind, here is ?the good, bad and ugly?.
The Pros ? ?the good?
The Cons ? ?the bad and ugly?
NOTE: ?borrower? refers to those on the reverse mortgage loan, if two people are on the mortgage, stipulations must be met by both. The same applies if there is only one borrower on the loan but two people live in the home, if the borrower would decide to move or becomes deceased, repayment would be due in full.
For more reverse mortgage information, contact mortgage.org today!