Get a large wad of cash! Never make a mortgage payment again! Stay in your home as long as you want! Sounds like a great deal, right? Well, for some homeowners 62 and over, a reverse mortgage can be a great deal and the solution to some financial or cash flow problems.
For others, it's more perilous than promising. If you’re considering a reverse mortgage, there’s a lot you need to know before signing on the dotted line. Keep in mind there is no such thing as free money. Even though there are no monthly payments like a mortgage, there are costs associated with a reverse mortgage, interest and fees, that accumulate during the term.
