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Old 06-30-2022, 06:04 AM
 
Location: Port Charlotte, Fl
397 posts, read 813,647 times
Reputation: 149

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I am looking for folks who have done a reverse mortgage.
I would like to know the REAL pros and cons.
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Old 07-16-2022, 10:14 AM
 
182 posts, read 133,522 times
Reputation: 460
If, like most consumers, you didn't save properly for your retirement, a reverse mortgage could be a great way for you to at least have someplace to live when you're no longer working/unable to work. Be very careful, though, the mortgage company makes all the money, not you. Reverse mortgages can be astronomical rip-off's and it's illegal to get one without full disclosure of what you're getting into.
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Old 07-17-2022, 02:18 AM
 
41 posts, read 39,561 times
Reputation: 52
Quote:
Originally Posted by oldfart1947 View Post
I am looking for folks who have done a reverse mortgage.
I would like to know the REAL pros and cons.
First, and foremost, most of the contributors on the internet don't know the details of this type of product thus they don't know what they're talking about. The parameters of reverse mortgages have changed a bit since their arrival to the marketplace. Get an education by several mortgage-banking professionals. The internet can be one tool to study them on your own as well. Asking, or relying on commentary in a chat room/forum is misleading and can be foolish. Financial advice is highly personal and individual. Internet 'experts' are unreliable because they don't know your financial, family, health etc status. Just pass.
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