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Reverse Mortgages

overall review score: 3.5
score is between 0 and 5
Reverse mortgages are a type of loan where homeowners can borrow money against the value of their home and receive funds as a lump sum, fixed monthly payment, or line of credit. The loan doesn't have to be repaid until the homeowner moves out, sells the property, or passes away.

Key Features

  • Borrow money against home equity
  • No monthly mortgage payments required
  • Flexible payment options
  • Loan repayment upon move-out or passing away

Pros

  • Provides additional income for retirees
  • No requirement for monthly mortgage payments
  • Can help seniors stay in their homes while accessing funds

Cons

  • Accrued interest can significantly increase the loan balance over time
  • May reduce inheritance for heirs
  • Complex terms and fees to consider

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Last updated: Fri, Nov 22, 2024, 11:02:19 AM UTC