Reverse mortgages remain a popular lure for cash-strapped seniors, but what’s good in theory is often abysmal in execution. A reverse mortgage allows someone who is house rich and cash poor’ to get a payment from their lender in exchange for the bank getting the equity in the house over time.

If after reviewing the disadvantages of a reverse mortgage, you feel it is a financial transaction that is right for you, you must first get counseling from a local HUD approved counseling service. The purpose of the counseling service is to make sure you fully understand how a reverse mortgage works.

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Advertisements again either failed to mention these risks or buried them in the fine print. Indeed, many reverse mortgage ads did not even mention. a guide to assist consumers with the pros and.

Retiring a mortgage can reduce stress, increase cash flow and provide.. seniors are now weighing the pros and cons of a reverse mortgage.

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Anna Anna: The simple answer is yes, but it’s complicated and full of risks. This column can. Boone were touting the benefits of reverse mortgages, but they were not disclosing all the facts – all.

PROS OF A REVERSE MORTGAGE. No monthly mortgage payments are required for as long as you live in the home and continue to meet your obligations to pay your property taxes and homeowners insurance and maintain the property. As with any mortgage, you must meet your loan obligations, keep current with property taxes, insurance, maintenance, and any homeowners association fees.

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August 26, 2009. Reverse mortgages may seem like the answer to a senior citizen’s prayers for a source of extra income. But there are risks attached, because the money from the reverse mortgage comes from actually withdrawing the equity in your home. Your mortgage gets larger and.

A reverse mortgage is a loan that allows a homeowner to convert home equity into cash. No repayments are due as long as you live in the house. When you leave it – normally, at death or because you choose to move, say, to assisted living – the house is usually sold.

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