Disadvantages of Reverse Mortgages

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Getting a reverse mortgage can mean the incompatibility in the middle of living favorably and living day to day. But, before you commit to, you must also understand the disadvantages. So, let's first take a quick review, then take a look a the disadvantages.

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What is a reverse mortgage?

A reverse mortgage is a home loan that lets you take some of the equity in your home and change it into cash. So, as opposed to a regular mortgage where you pay every month, a reverse mortgage pays you! Sounds great, it's almost like winning the lottery.

Ok, now that we know the good news, here are some of the disadvantages to consider:

It can be expensive

Like most often in life, nothing is free. With each loan there are fees involved. Sometimes these fees can be high because they are based on the home's value. And, the amount of money you owe grows larger over time based on the fees and interest rates. So, you must reconsider if the amount of fees is to high. But, if you're inspecting selling your house to survive, a reverse mortgage is still a phenomenal solution, after all, you are getting money back. So, a lot of times, the money in hand is worth it.

They can work on the heritage you leave behind

When your home is sold, the cash received from the loan, interest and fees must be repaid. But, the remaining equity in your home will go to your heirs. Important: your heirs, will not be required to pay more than the home is worth on the maturity of the loan when it is sold. However, if your heirs do wish to keep the home for sentimental reasons, etc., they will be responsible for the full amount owed which can be more.

I don't want to stay in my home forever

Because of the costs associated to a reverse mortgage, there may be more cheap options. So, reconsider other options if you do plan on arresting in the near future.

It may work on eligibility for some benefits.

A reverse mortgage will not work on your public protection or medicare benefits. But, the money received could impact your Medicaid benefits. So, if you are on Medicaid you should make it a requirement to palpate a Medicaid master in your area. If you don't you may risk losing Medicaid benefits! Also, check on the affects on any other benefits such as Supplemental public protection income (Ssi) and Medi-Cal.

As always spin all of these options with your adviser and your family.

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