Reverse Mortgages Can Provide Seniors With More Than Money
They can help you acquire your dream home and protect your biggest asset
I know you’ve heard a lot of negative things about reverse mortgages. We all have.
In that way, they’re like annuities; both are tools that seniors can use to make their retirement years easier, but unscrupulous companies, agents, and financial advisors have given them a bad name. There are ways to avoid the pitfalls of reverse mortgages though, and when used responsibly, they can provide seniors with a source of income, an asset protection strategy, and even the funds for a new home.
But before I go into the pros and cons of reverse mortgages as I understand them, I want to be clear that I’m not a financial advisor and the ideas I’m offering here should not be construed as professional financial advice. I’ve been thinking about how a reverse mortgage could benefit my husband and me, so I’m learning everything I can about them. If you think a reverse mortgage might be right for you, please do your due diligence based on your own personal situation rather than on mine.
The cons of reverse mortgages
Let’s look at the downside of reverse mortgages first, because when you’re making major financial decisions…
