Reverse Mortgages
These deals offer a way to turn equity in your home into an income stream, but they costly. here what to look out for:
1. CHECK OUT COSTS
Reverse mortgage are notoriously complicated and costly. Fees can easly reach the 10 of thousands. dont forget to ask about fee and all cost.
2. BEWARE PITCHES
Be careful if sales person offering you a sales mortgage tries to get you to put some of the proceeds into a high fee insurance product or a security. be warier if you are being promised a high rate of return
3. THING LONG TERM
Once you take out a reverse mortgage, you are preety much locked into the deal. If you decide to move, you have to pay back the loan- plus compunded interest. this also applies if for any reason your live your home for more than a year.
