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Reverse mortgages have some pros and some cons for seniors

November 19, 2018

From the CNBC website

Reverse mortgages are a unique type of loan. Unique is a word that is thrown around a great deal, particularly when describing financial products. But it’s accurate when describing Home Equity Conversion Mortgages — another term for reverse mortgages.

Here are three reasons: You don’t have to make payments on these loans until you die or move, they are restricted to homeowners who are 62 or older, and reverse mortgages use two interest rates for every transaction: one to calculate your mortgage rate, and another to calculate your expected rate, which determines how much money you can borrow.

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