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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CONS of a reverse mortgage The loan balance increases over time as interest on the loan and fees accumulate. As home equity is used, fewer assets are available to leave to your heirs.
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What to do As you consider a reverse mortgage’s pros and cons, consider alternative ways to get income, too, such as dividend-paying stocks, annuities, or perhaps a home equity loan. Remember that.
The reverse mortgage is a relatively new loan product, compared to conventional loans and FHA loans that have been around for many decades. Since it is so different from a normal mortgage, it went through a few changes to reach its current incarnation. This article hopes to explain the pros and cons of a reverse mortgage and help people make a wise decision for their needs.
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.
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Cons of Reverse mortgages. ongoing annual fha mortgage insurance premiums of .5% of the outstanding mortgage balance Loan origination fee Although a reverse mortgage loan generally does not affect eligibility for Social Security and Medicare, needs-based government programs such as Medicaid may be affected** Reverse mortgages are not well.
Doing a reverse mortgage could be a good option for you, but you will first want to consider all of the pros and cons in light of your unique financial situation.