Is it worth getting a reverse mortgage?

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asked Jan 10, 2019 in Real Estate - Renting by HeleHardin (320 points)
Is it worth getting a reverse mortgage?

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answered Jan 12, 2019 by Annaklisie (260 points)
Getting a reverse mortgage is only a good idea if you plan to live out your life in the home that you get the reverse mortgage on.

If you have a spouse or someone else that you want to will the house too then if you get a reverse mortgage then the person who inherits the house would have to pay back the reverse mortgage to keep the house.

A reverse mortgage is just a loan on the house where they're using your home as collateral for the reverse mortgage and then if you want to keep the house you must maintain the property, continue to pay property taxes and pay back the mortgage in full when you decide to give the house away or decide to move out of the house and keep the house.

If you don't pay back the reverse mortgage in full then the bank will foreclose on the home and take it.

Only take out a reverse mortgage if needed because it can cause you to lose your home and in most cases a reverse mortgage on a paid off house is not worth it.

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