Reverse Mortgages

If you are considering a “reverse mortgage” be extremely careful. A “” is like taking a loan against your home that is repaid at death, sale of the property or other “key” events. They are generally for people age 62 or older that have built up equity in their home, and would like some money now. They can be a positive option for certain individuals when completely understood and properly underwritten. But be aware of the many scams being run under this guise. There are a lot of “hidden” fees associated this transaction, and despite the advertising, they are not simple, but rather quite complex. Use extra caution if you are even thinking about this option, especially if they want you to buy financial products with your money.