What’s a Reverse Mortgage?   Who’s Eligibile?   Uses of Reverse Mortgage Loans   Top Reverse Mortgage Concerns   Saying No to a Reverse Mortgage   Adult Children Involvement   Loan Approval Process   Annualized Growth Rate   Rates, Margins, Adjustments & Caps   Loan Payout Options   Types of Reverse Mortgages   Comparisons   Loan Closing Costs   FAQ   How Much Can You Borrow?

Education

 When to Say "No" to a Reverse Mortgage

Due to loan costs, a Reverse Mortgage might not be a wise product choice for a senior who plans to stay in his or her current home for a short period of time, generally less than three years.

It may not be in a senior's best interest to use a Reverse Mortgage solely for a short term financing need, such as the purchase of a new car.

Finally, careful consideration should be given to using a Reverse Mortgage to distribute early inheritance. In the future, a senior may need funds that they have given away.

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