Pitfalls of Reverse Mortgages May Pass to Borrower’s Heirs
Posted on Mar 31, 2014
Beware of Reverse Mortgages
For many home owners 62 years of age and older, the reverse mortgage may be considered their knight in shining armor. While that may be true, given their economic situation, they need to be aware of the pitfalls of a reverse mortgage. In many instances, a parent thinks they are leaving their biggest asset, being their house, to their loved ones. It is not until they die that their children realize the house is lost because of a reverse mortgage. Before making any decisions, please educate yourself regarding the pros and cons of a reverse mortgage as it relates to your particular circumstance.