Should You Throw It Into Reverse

Hi Bob,
Reverse mortgages are a controversial topic.  I have a friend who got into a bad one However, I know others who it allowed to stay in their home and lead a good quality of life that their monthly income did not.  Sadly, many of the people who need the reverse mortgage option are too trusting or not capable of doing adequate due diligence. 

Thanks for sharing Robert!!! Great information!!!

As always it's "buyer beware". I know what my home is worth and if I thought someone was exaggerating the value I'd do my due diligence to find the truth.

I too am reluctant to invest in something that uses a well known actor that probably would never use the product. Just my thought Bob....

I was talking with someone that does reverse mortgages and people should definitely know what they are getting into before they go this route.  It seems like they are very beneficial in some situations.

Good morning Bob. The upfront costs of a reverse mortgage are indeed onerous. It is a big money maker for the providers. That said, in the right situations, it may be worth the cost. Different strokes for different folks. Enjoy your day.

Everything we do is "buyer beware" and reverse mortgages are the same. I'd think anyone who wants one needs to do a lot of research and work with someone they trust. There are situations where they are a great idea.

I think most people looking into reverse mortgages have not done their homework well enough. This product has a niche where it would be a smart move, but it is certainly not for everybody.

Good morning Bob -  As with everything it is buyer beware.  If it sounds too good to be true it is.

Bob, I have never really thought this type of loan was a good idea, but my neighbor got a divorce last year, and would have had to sell, had she not taken out a reverse mortgage.

Bob,

One of my friend's mother had one, although she did not need it.  She just liked the person who came over. I took a lot of legal work to get rid of it.  A

Hello Bob,  I have people on my block and want my advice on the topic and I just and not a fan of it.  I want my kids and grand kids to remember me for what I split up to them, just my opinion.

Thank you very much, Bob, for sharing this article.

I have thought about using a reverse mortgage for our next home but have not explored the negative aspects of this product. We have no children so that is not one of our concerns.

I hadn't heard of this lawsuit, Bob.  Reverse mortgages have been a blessing for some; but they aren't for everyone.

I didn't see the lawsuit. My MIL had a reverse mortgage. It allowed her to travel and do some fun things while she was living. After she passed and we sold her house, there wasn't a lot monetarily left after the reverse mortgage but there were a lot of memories. I think it can be a good fit for some.