sjolley2

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When considering a reverse mortgage make sure you know the advantages of all your other options such as selling (as mentioned in this article), leasing your property and retaining the equity, a line of credit, a family loan depending on your need. I recently worked with a consumer who was going to get a monthly payment from a reverse mortgage that was exactly the same as leasing their home but the big difference is they owned their home free and clear and would keep the equity by leasing and lose their home with the reverse mortgage compound interest, fees, costs and mortgage insurance premium. There are actually 17 different default triggers. My one rule for obtaining a reverse mortgage is "it must be a part of your financial strategy, meet your financial goals, and provide financial security through retirement." Sandy Jolley, Reverse Mortgage Suitability and Abuse Consultant

February 16, 2013 10:44 am on Reverse Reper- Cussions