Financial Planning & Investment Tips : Cons of Reverse Mortgage

Reverse mortgages are helpful instruments
to Americans that are 62 years of age or older. This is Patrick Munro financial adviser cautioning
you to be aware of the factors that could slow you down from taking advantage of this
very useful financial tool. If costs are a factor for you I will tell you that to costs
to get a reverse mortgage are all back end loaded. Although there are no mortgage payments
once you fund your reverse mortgage. These costs can many times in a slow real estate
environment impede the value of your house going forward. If cost is a factor to you
to achieve benefit a reverse mortgage may not be for you. Additionally, aging in place,
as it’s called with reverse mortgages do require you to pay the taxes and insurance and maintain
the property. If you are of ill health that can be a difficult situation and give rise
to conflict with the bank that’s funding the reverse mortgage. This is Patrick Munro talking
about the possible cons of a reverse mortgage.

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