The Pros AND Cons of Reverse Mortgages
There are many strong reasons to get a reverse mortgage. There are also some downsides. While these loans are very popular, getting one is a huge financial decision. Before talking with a lender, explore the pros and cons in great detail.
Here are 3 quick key considerations:
- Con: It’s a loan. You pay fees and interest to get the many benefits a reverse mortgage provides.
- Pro: Reverse mortgages can give you access to money to spend however you like.
- Pro: reverse mortgage enables you to live in your home for as long as you want with absolutely no monthly mortgage payments.
Reverse mortgages can be a great solution for your retirement. But you really want to make sure that it is right for YOU.