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Welcome back folks! Today we want to talk to you about reverse mortgages and why you should avoid them.Reverse mortgages are generally a bad idea. They take advantage of the elderly by foreclosing as soon as someone passes, without giving payoffs to whoever is in charge of the estate. Essentially, they foreclose and take the equity of a property as soon as the owner passes away. In short, it's an ugly business.
Some lenders may tell you that's not how it happens. However, we have had clients who have personally had very bad experiences with reverse mortgages. Our advice it to STAY AWAY FROM THEM.
If you have a loved one who is older and considering getting a reverse mortgage, let them know that there are other options, other ways to pull equity out of a home. If equity is left on the home after passing, they will try to take it on top of the large amount of fees that the reverse mortgage sets up.
We want to make sure you don't get taken advantage of. If you have any questions about this dreary topic, don't hesitate to reach out to us. We would love to advise you on your other options when financing your home!
