Reverse Mortgages – Pros and Cons
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What is a Reverse Mortgage? A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) 1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. 2 After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home.
Pros and Cons of Reverse Mortgages. They are a steady stream of income that lasts for years. You can convert the equity in your home into a pile of cash without having to move out. The money is tax free. Rather than income earned, a reverse mortgage is considered a loan so the IRS can’t get its sticky fingers on it.
The Consumer Financial Protection Bureau, which has stepped up its oversight of deceptive reverse mortgage advertising practices, is also seeking public input to help shape rules and policies in the future. The consumer watchdog agency says it has heard from older people who say ads make reverse mortgages look easy and risk-free.
Con: A reverse mortgage is secured by placing a lien on the home. When a borrower takes out any type of home equity or mortgage loan, a lien is placed on the home as collateral. Although this is no different with a reverse mortgage, it may still be seen as a downside for borrowers who prefer owning a home that is completely paid off.
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/ Reverse Mortgage Pros and Cons Reverse mortgages are often thought of as disadvantageous because they can be hard to understand, the fees and interest consume a substantial portion of the homeowner’s equity, and they’ve been used in home repair and investment scams to steal money from unwitting seniors.
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There have long been challenges associated with building partnerships between reverse mortgage originators and the financial planning community, either because of some personal biases or because they.
Cons of Reverse Mortgages You may outlive your income – You’ll want to create a realistic financial plan. I’ve seen some older adults plan their future based on extremely risky investments or business ventures in conjunction with their reverse mortgage.