Title: Why a federal retiree might consider a reverse mortgage
Article Snip: "...However, there are also potential drawbacks to consider that most reverse mortgage professionals immediately recognize as applicable to all potential borrowers. These include “the possibility of losing the house to foreclosure if the homeowner cannot afford to pay the property taxes; the homeowner will likely leave less inheritance to his or her heirs; at least one individual has to be living in the home (such as the co-borrower or spouse) if the funds from a HECM mortgage are used to pay for the homeowner’s move to an assisted living or nursing home facility.” Potential borrowers also need to understand that there are a lot of potential expenses the reverse mortgage customer is and could be subject to, including a loan origination fee, mortgage insurance premiums, counseling and other fees. ..."
Reference: reversemortgagedaily.com