Reverse Mortgage Disadvantages

Richard142 By Richard142, 21st Feb 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/oso1hg7y/
Posted in Wikinut>Money>Mortgages

The disadvantages highlight concerns which seniors have regarding the program, some of these disadvantages are the reasons which seniors do not take out the loan. However, there are other scenarios which make potential customers think twice about a HECM loan.

Disadvantages

There are several reverse mortgage disadvantages that you should evaluate before taking out one. You will be paying a higher interest rate than on other loans, have less equity in your home and you may run out of the money sooner than you think. The reverse mortgage is a government insured program which for many years was not accepted in the mainstream media for its high costs and its complexity (no longer the case with it now being a mainstream program) but this does not mean everyone should take a reverse. When considering a home equity conversion mortgage one should be aware of the disadvantages that exist with the HECM program in order to be educated and to make an informed decision.

We also believe that consumers should have the ability to shop around for reverse mortgage lenders, this is why we currently compare top lenders in order to secure you with the most appropriate HECM reverse mortgage. Without this necessary step, seniors are not provided with the full benefits of a reverse mortgage, not to mention that they can easily be tricked or conned into paying for something which they may never receive (most importantly the fees can average to be 50% higher than ours)

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Reverse Mortgage, Reverse Mortgage Of A Disadvantages

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author avatar Richard142
Im new to write a blog. I am looking to learn about reverse mortgages which is helpful for seniors. I want to write about this.

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Comments

author avatar Sivaramakrishnan A
21st Feb 2013 (#)

Some desperadoes sign on the dotted line in a hurry, sadly, and pay the price - siva

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author avatar Rose*
22nd Nov 2013 (#)

Seniors should be careful about their main asset - reverse mortgages might seem clever, but reduce your options should something happen (eg you need to sell your home to finance nursing care)

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8th Sep 2017 (#)

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