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Weighing the pros & cons of reverse mortgages
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[QUOTE="selena1, post: 322772, member: 97995"] That's a good summary of the potential advantages and drawbacks of a reverse mortgage. It's also worth noting that reverse mortgages are generally only available to homeowners who are at least 62 years old and have significant equity in their home. Additionally, while the borrower doesn't have to make any monthly payments, they are still responsible for paying property taxes, homeowner's insurance, and maintenance costs on the property. Failure to keep up with these obligations can lead to default on the loan. It's also important to consider other alternatives to a reverse mortgage, such as downsizing or selling the home, before deciding to take out a reverse mortgage. These options may allow seniors to access the equity in their home without incurring the fees and risks associated with a reverse mortgage. Working with a financial advisor or housing counselor can help seniors explore their options and make an informed decision about the best way to use their home equity. [/QUOTE]
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Weighing the pros & cons of reverse mortgages
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