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What Is A Reverse Mortgage?

Have you ever wondered what a reverse mortgage really is? There is a lot of speculation on reverses mortgage both good and bad. This article from HomeKeepr.com does a nice job highlighting the benefits and how to avoid someone who may be looking to scam you. Please enjoy the article and give me a call if you have any questions or if I can help with any of your other real estate needs.

Source: homekeepr.com | Re-Post Houterloot 5/2/2019

“What goes up must come down,” so goes the saying. And, to that end, what goes forward must also go in reverse. Turns out the same also applies to mortgages, sort of. Except, instead of being a direct inverse from a “forward” mortgage, reverse mortgages are kind of their own special thing.

If you don’t read beyond this opening section, just remember that the big takeaway here is going to be that some reverse mortgages are good, some are bad and you need to always, always read the paperwork before signing on the dotted line. This goes doubly if your parents are considering a reverse mortgage and you’re going to be helping them deal with their finances as they age.

Reverse Mortgages and Their Bad Reputation
When reverse mortgages were first becoming fairly popular, banks willing to make the loans proliferated. And so did con artists who took advantage of an aging population made of people who were often desperate to hold on to their homes or simply were medically incapable of understanding the consequences of the monthly payment they’d receive.

Read the full article…

Posted on May 2, 2019 at 10:36 am by Tim Houterloot

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