The Top 10 Potential Reverse Mortgage Pitfalls

Top 10 Reverse Mortgage Pitfalls Retirement resources for seniors, their families, and their advisors. Brought to you by MyHECM.com Reverse mortgages are a great financial solution but they're not perfect for everybody. There are some situations where they don't make sense. Before we cover the top 10 reverse mortgage pitfalls let's cover some basics about how a reverse mortgage works. Many supposed reverse mortgage pitfalls are actually misunderstandings about how reverse mortgages actually work. Reverse Mortgage Basics A reverse mortgage is a unique home loan that offers homeowners 62 and older access to home equity without a mortgage payment and without giving up ownership of your home. No mortgage payments are required as long as at least one borrower or non-borrowing spouse lives in and maintains the home and pays the property taxes, homeowner's insurance, and any HOA dues. You remain the owner of your home and you can leave your home to your heirs.