There seems to be a controversy over reverse mortgages and if they are actually a benefit to the elderly. Just like with any product offered, there are upsides and downsides to having a reverse mortgage. If you are having cash flow issues and would like to investigate the advantages that a reverse mortgage can provide, [...]
Senior homeowners who need cash can use their home equity to take out a reverse mortgage. Reverse mortgages can create problems for borrowers' spouses, especially those younger than 62. When the borrower sells the home or dies, the surviving spouse is then responsible for paying the loan in full or face eviction. Many seniors were [...]
Reverse mortgages are a good way for cash-strapped homeowners over 62 to use the equity in their homes to get a loan. The loan does not need to be repaid until the home is sold or the borrower dies. For heirs, however, reverse mortgages can pose problems they may not be prepared to deal with. [...]