I’ve come across a number of articles lately discussing the pros and cons of reverse mortgages. Of course, there are the usual arguments for and against it, but there were some interesting points that I hadn’t seen before.
The thing that struck me was how permanent a reverse mortgage is. It’s really a decision that you’re stuck with until you either sell your home or shuffle of this mortal coil.
Apparently, even reverse mortgage rates are currently at an all-time low, which might make them more attractive to homeowners who are cash-strapped and house rich.
For most people, it’s difficult to imagine receiving a large sum of money all at once. We know the odds of winning the lottery are low, but what would you do if we were suddenly given $150,000 tax free? The importance of getting good financial advice is vital to making that money last as long as possible.
