Reverse mortgages are arguably the least-understood mortgage products available today. In fact, they are so complicated that the government requires borrowers to get counseling before they are allowed to borrow with the most popular reverse mortgage product, the FHA-backed Home Equity Conversion Mortgage, or HECM.
The most important thing you need to understand about reverse mortgages is this: They are NOT “too good to be true,” they are NOT a “rip-off,” they are NOT “the solution to all financial problems,” and they are NOT “a lifesaver.”
Reverse mortgages are highly-regulated financial products. They can be right for you or wrong for you. The purpose of these pages is to de-mystify these loans and show you how to make a smart decision about a reverse mortgage.
- Reverse mortgage pros and cons
- Types of reverse mortgage
- Reverse mortgage costs
- Reverse mortgages and estate planning
- How to pay off a reverse mortgage
- Reverse mortgage rip-offs
- How to shop for a reverse mortgage
- Best way to take reverse mortgage proceeds