Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

5 Reasons To Avoid A Reverse Mortgage

Thursday, December 13, 2012 - 7:59 PM
One of the retirement planning resources that has gained interest in recent years is the reverse mortgage. For many retirees, it seems like a solid idea. You get access to the equity in your home, and the bank makes a mortgage payment to you. It turns your home into a source of income.

It’s a nice thought, but the truth about reverse mortgagesis far from ideal. In fact, there are a few reasons to avoid getting a reverse mortgage as part of your retirement plan. Most of these reasons revolve around the fact that this type of income stream is actually a loan against your home’s equity that has to be paid back.

5 Reasons to Avoid a Reverse Mortgage - On Retirement (usnews.com)
3
ShorebreakShorebreak2,622 posts since
Apr 6, 2010
Rep Points: 14,216
Reply