are reverse mortgages safe

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A reverse mortgage is a type of loan that uses your home equity to provide the funds for the loan itself. It’s only available to homeowners who are 62 or older and is aimed at folks who have paid off their mortgage (or most of it anyway).

Find out if Reverse Mortgages are a safe choice for you and your family courtesy of Success Mortgage Partners, Inc.

Learn what a reverse mortgage is and whether it’s a safe move for your retirement plan. If you’re a homeowner age 62 or older with significant equity in your home, a reverse mortgage might enable you to draw cash from your home equity to supplement your income, cover emergency expenses or pay off your other debt.

This question comes up quite often, and of course, it is a huge concern for people who are considering a reverse mortgage loan. Fortunately, HUD has included a few safeguards intended to protect you and other consumers who take out a reverse mortgage loan.

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Reverse mortgages can be a rather safe and effective way to boost your retirement income, but they’re not without some drawbacks and downsides. For example: You might be sold one with less-than-ideal terms by a pushy salesperson. Don’t fall for hard sales pitches. If you’re interested in a reverse mortgage,

A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral. The loan generally does not have to be repaid until the last borrower no longer occupies the home as their primary residence. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to.