Is a Reverse Mortgage a Good Idea?


For some people, yes. They have asked pertinent questions like:
Do I want to maximize what I can leave to my heirs?
Am I going to live in my home deep into my retirement?
How much extra income will I need to meet my needs?
Can I pay the taxes, insurance and meet all the obligations that come with a reverse mortgage?
Unlike all those people who’ve been foreclosed on, do I really know what I’m getting into?

If the answers to those questions are sketchy, you should consider a safer financial route like a traditional home equity loan or line of credit.

Whatever the decision, seek personalized advice from a financial counselor or debt-management agency.


Tom Selleck might say reverse mortgages are not too good to be true. But Magnum P.I. showed that it always pays to investigate

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