04/14/2022
Should you get a reverse mortgage?
While it can be a great way to supplement your retirement income, there are some things to watch out for:
â ď¸ High fees
To get and finalize your reverse mortgage, youâll be paying a range of fees that can add up quickly.
â ď¸ Variable or high interest rate
The interest rate is often higher than that for a standard mortgage. It may also be variable, rather than fixed, which means it can increase in the future.
â ď¸ Less money for your heirs
The remaining amount of your estate will need to be repaid when youâre no longer here, usually in a specific period of time, which can be costly and stressful for your family.
This is why, in some cases, downsizing can be a better option. If youâre deciding between the two, contact us to discuss your options and make the best choice for your needs.
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