What are the pros and cons of a reverse mortgage? There are many factors to consider when figuring out if a reverse mortgage is right for you, so it is important that you understand all of the possible benefits and pitfalls, so we’ve listed the most common reverse mortgage pros and cons below.
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Reverse mortgage pros and cons. You should fully understand the benefits and drawbacks of a reverse mortgage to make an informed decision.
A reverse mortgage allows eligible borrowers to live for life in their home with no monthly mortgage payments. The loan balance is repaid when you permanently vacate the home (when you sell the home or if you leave the home for care including for 12 months or more).
Cons of reverse mortgages: You may outlive your equity . Reverse mortgages are viewed as a "last-resort" loan option and certainly not a singular solution to spending problems.
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Reverse mortgage cons: 1. loss of equity. This is probably the biggest con. Since a reverse mortgage is a loan, and the borrower is not making payments on a monthly basis to pay back that loan, interest continues to accrue which INCREASES the balance of the loan. That is why it is called a "reverse" mortgage, the balance is going up not down.
The cons of a reverse mortgage Despite their obvious appeal, reverse mortgages have some downsides. First, interest accrues over the course of the loan, meaning that your debt grows over time,
Pros and Cons of Reverse Mortgages. They are a steady stream of income that lasts for years. You can convert the equity in your home into a pile of cash without having to move out. The money is tax free. Rather than income earned, a reverse mortgage is considered a loan so the IRS can’t get its sticky fingers on it.