As Reverse Mortgages become and more common option for seniors across the nation, the cons and scammers are common up with ways to rip them off. It is important to talk to a reputable reverse mortgage lender, make sure you are supplied the correct documentation, and see or speak with a HUD Counselor.
Reverse Mortgage Scams talks about other problems to watch out for, including:
Being charged for information
Shady and non-accurate counseling
Overpriced home repairs
and more
Visit Reverse Mortgage Scams for full detailed reports.
We always like to show the pros and cons of reverse mortgages, and we hope you found this post helpful.
You hear and read a lot of articles about reverse mortge cost and fees being higher than equity lines, refinances, or normal home purchases. In retrospect they can be higher, however the reduced qualifications requirements is a pro instead of a con. I found a comment from an individual replying to costs of a reverse mortgage. Pretty interesting…
People who argue that the cost of the reverse mortgage is high often forget that the senior still has a mortgage payment. Once the reverse mortgage is in place the mortgage payment goes away. A senior with a $800 dollar a month mortgage payment now can apply that money to other needs.
He makes a good point that even with the higher costs, seniors still are elminating a large debt and even a large monthly payment.
To speak with a Reverse Mortgage Specialist, call 1-888-973-8377. You can also use an online Reverse Mortgage Calculator to see how much you qualify and what the costs would be. CLICK HERE!
