For many people, a Reverse Home Mortgage is a good way to increase their financial profile in retirement - positively affecting their quality of life. And while there are numerous benefits to the product, there are also some drawbacks.
The main advantage of Reverse Mortgages is that you can eliminate your traditional mortgage payments and/or access your home equity while still owning and living in your home. Given the right set of circumstances, a Reverse Mortgage can be an ideal way to increase your spending power in retirement.
Key advantages and benefits of Reverse Mortgages include:
A Reverse Mortgage may not be for everyone, consider the following: