Real Estate

Are Reverse Mortgages a Good Thing for Seniors?

Thu Mar 19, 2009 11:11 am
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Comments: 0 Views: 135

The answer to this question at the point of equivocating is "it depends". Reverse mortgages are just one of the many mortgage products available to homeowners.

Before any decision is made to enter into a reverse mortgage the homeowner should seek the counsel of a reputable real estate attorney as well as a financial advisor.

While money would be available to the homeowner, repairs, taxes, insurance etc. would need to be kept current. If there were a second mortgage on the property that too would need to be current at all times.

A reverse mortgage is not a magic pill that will erase all financial burdens for the homeowner.

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