reverse mortgages

Reverse Mortgages

Q: Are reverse mortgages a good idea? (3 disadvantages of reverse mortgages) Sandy, Chicago, Illinois A: As with most financial decisions, the right answer to whether a reverse mortgage is a good idea or not depends on your individual circumstances and goals. Since there are so many commercials on TV singing the praises of reverse mortgages, in order to provide some balance, I’m going to give you 3 disadvantages of reverse mortgages: 1)High Fees: The upfront fees (closing, insurance and origination fees) for a Reverse Mortgage are fairly high–higher normally than the cost of refinancing a mortgage loan for example. 2) Even though you no longer have to make mortgage payments, you still have additional costs associated with your home—you […]

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