The CNN Money Help Desk addressed a viewer question today which asks: What are the pros and cons of acquiring a reverse mortgage? Help Desk expert and certified financial planner doug flynn answered.
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Reverse Mortgage Cons. Although reverse mortgages offer a wide array of benefits, they also come with some drawbacks. Depending on your own individual situation, you may want to reconsider a reverse mortgage for the following reasons: If you do not make payments, the loan balance can increase over time as interest and fees accumulate.
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Cons of a reverse mortgage A reverse mortgage could have a potential impact on the borrower qualifying for means-tested government programs like Medicaid or Supplemental Security Income.
Here are the pros and cons of reverse mortgages. Unfortunately, what might sound like a good idea can be fraught with a lot of danger. When doing a reverse mortgage, you can either take a check every month from your bank or take a lump-sum cash out. The real danger comes with the latter.
Reverse mortgage pros: What are the benefits of reverse mortgages? For the right senior in the right situation, a reverse mortgage can create the opportunity for a much nicer lifestyle during retirement with the supplemental funds, which allows for the pros to outweigh some of the cons. Some of the pros and benefits of reverse mortgages:
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· Reverse mortgages have never been this popular in Canada. Inquiries about them have doubled between 2016 and 2017, according to HomeEquity Bank’s CHIP Reverse Mortgage, which was, for a time.
However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.
Gwen” was in a predicament. The reverse mortgage she acquired to pay for home maintenance became problematic when her health began to fail. It reached the point where managing the upkeep of the house.
Reverse Mortgage Pros and Cons. Remember, the reverse mortgage is designed to create additional cash flows to keep the person in the home, said Harry Starn, director of the financial planning program at California Lutheran University in Thousand Oaks, Calif.