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As reverse mortgages grow in popularity, inconsistent media coverage makes reverse mortgage pros and cons difficult to objectively assess. Our experience allows us to be a trusted source that can explain the reverse mortgage pros and cons to help you decide if a reverse mortgage is for you. Use our reverse mortgage calculator to find out how much you can receive and evaluate the reverse mortgage pros and cons to determine if a reverse mortgage is the right kind of loan for your needs!

Reverse Mortgage Pros:

  • Allows you to remain in your residence with no monthly mortgage payment.
  • Required no repayment for as long as you occupy the home and abide by the loan terms.*
  • Enabled you to supplement a fixed income and cover daily expenses.
  • Gives you the option to use your equity however you choose.
  • Does not subject you to additional income tax.
  • Does not base eligibility upon your income or credit history.
  • Will not cause you to be liable for any amount above your home's value.
  • Features interest rates that are comparable to traditional and home equity mortgage rates.
  • Requires pre-loan counseling to ensure that you can make an informed decision.
  • Protects you from excessive "junk" fees, due to heavy governmental regulations.
  • Has no prepayment penalty.
  • Allows you to finance your up front fees so that they are not paid out of pocket.

Reverse Mortgage Cons:

  • Can have higher up front fees than other types of financing.
  • May reduce the amount of equity left to your heirs.
  • Has the potential to impact need-based government assistance benefits.
  • May become due and payable in full if certain terms of the mortgage are violated.*
  • Does not allow interest accrued to be deducted on taxes until the loan becomes due.
  • Could prevent you from having equity to liquidate in the future.

Once you consider the reverse mortgage pros and cons, contact us for a direct quote.

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