Reverse mortgages have always been controversial for elder law advocates, but most agree that for some consumers they are a good option. If you are considering a reverse mortgage, then it is important to know what needs to be considered to determine if it really is a good option for you.
Reverse mortgages have had a bad name among elder law advocates almost from the moment of their introduction. Advocates have pointed out that reverse mortgage terms are often confusing and often make it likely that seniors will be forced out of their homes. However, after the mortgage crisis of 2008 the government took some steps to reform the reverse mortgage industry. These reforms have alleviated some of the problems with the industry. This makes reverse mortgages an option for seniors who are properly informed about the terms of any mortgage they sign. Recently, Consumer Reports articulated some considerations for seniors who are thinking about a reverse mortgage in “Reforms Come to Reverse Mortgages.”
These considerations include:
Discussing your options with an elder law attorney will help you make the best decision for your situation.
Reference: Consumer Reports (April 4, 2016) “Reforms Come to Reverse Mortgages“
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