From examining upfront costs and fees to including family members in the reverse mortgage process, ABC News this week compiled a list of seven tips for readers who are considering a reverse mortgage. Citing recent research from the Consumer Financial Protection Bureau, the article offers a quick product introduction followed by the list of tips.
“Familiar television spokesmen like Henry Winkler, “The Fonz” from “Happy Days,” and Fred Thompson, actor and former Republican senator from Tennessee, were hired to explain to older homeowners that they can access their home equity as a financial resource, but financial experts caution that reverse mortgages are complicated products that are hardly financial elixirs,” ABC writes.
“…Here are seven tips when weighing if a reverse mortgage is right for you.
The list includes: Know your lender or broker; understand the risks; reverse mortgages can affect eligibility for government programs; and no add-ons needed.
Written by Elizabeth Ecker