Thinking of a Reverse Mortgage?: Think Twice

I have a friend whose mom got a reverse mortgage and is now rethinking that choice. I’ve done some research and here’s what I’ve found:

1. Reverse mortgages may not be a good fit if you plan to leave the home as an inheritance to your children.

2. Reverse mortgages have a higher interest rate than traditional mortgages and may come with unexpected fees.

3. Reverse mortgages may be difficult to get out of.

4. A reverse mortgage could be a good option under the right conditions

5.  A reverse mortgage requires a lot of thought and consideration before making the choice to move ahead with it.

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