Why you shouldn’t get a reverse mortgage? Reverse mortgages can be used for a variety of reasons and can improve one’s situation for homeowners with ample home equity over the age of 55, however I’m going to give you 5 reasons and scenarios where a reverse mortgage may not be a good idea.
I have created a short video to demonstrate these reasons and you can click on the URL to watch where it goes into more detail for each reason and why it may not be a good fit for specific scenarios.
I will also go into some seldom discussed rules and guidelines that borrowers and heirs may not be aware of and how to avoid pitfalls when it comes time to sell the home or refinance the loan and differences between older reverse mortgages and newer reverse mortgages and how one has more borrower protections than the other.
Click here to watch the video!
Thanks for watching and if you have any questions or concerns on the video, you can either fill out the contact form below or go to my home page and click on the “Tell Me Your Scenario” button in the top right corner of the page or the center of the home page has a second button there as well. You can also email, text or call me and I will respond ASAP.
Kind regards,
KW