If you get your education on reverse mortgages from what you hear in mainstream news, you are missing out on a very important fact. Reverse mortgages are not expensive. The media loves to tell you that it is a program of last resort and the costs are too high, but in reality, reverse mortgages can have lower cost than conventional loan programs. The HECM Saver option was introduced recently and it really does save a lot of money in upfront costs. It makes sense to do a reverse mortgage even if it's a relatively short time frame you are looking at. Maybe you want to sell your home but the market is just too poor right now. A reverse mortgage can step in and fill a financial void.
The HECM Saver fixed rate option has no origination fee and the upfront mortgage insurance is just .01%. (for a $200,000 home, that's just $20)
Please don't rely on the misconceptions you hear and read when you can get the facts and details from a reverse mortgage expert.
I suggest you request a quote to find out exactly what is currently available.
Send your request for details here: request proposal