There is a great statement from a recent newspaper article that aptly describes something really important about the reverse home mortgage loan:
"A reverse mortgage should be your last resort, not your first. Should it become your last resort, however, rejoice because it is a remarkable solution in the right situation." (source)
The reverse mortgage loan is not the right choice for everyone. There are definitely some drawbacks to relying on the equity of your home to assist you in funding your life into your later years.
However, there are also some really positive things about the reverse mortgage loan for seniors who do not have other means of obtaining income or paying to remain in their homes as they age. These benefits should not be overlooked even though the reverse mortgage may not be the ideal first choice solution for everyone.
Question of the Day: What things should be considered instead of a reverse mortgage loan before determining that the reverse home mortgage is the right course of action for you to take?
