Learning about Reverse Mortgages can be daunting because, while we see many seductive ads for them, most mortgage brokers, real estate agents and real estate attorneys do not deal with them on a regular basis, if at all. Therefore, they do not know much about them. The most important thing to know is that, while they can be helpful, they are not right for everyone. So it is very important to enlist the services of a mortgage broker who has done a lot of them and who has a good reputation. And, if at all possible, get one that is insured by the FHA. These articles will help provide some basic information on how they work:
There are some financial commentators who do not believe Reverse Mortgages are the way to go. You can find Dave Ramsey’s opinions at:
So, as you can see, there are going to be a variety of opinions on the suitability of reverse mortgages. If you are considering one, please be careful and find a few trusted people to help you navigate this question!