If you are up late one night watching TV you may jsut come across an ad for a reverse mortgage. Most these ads are aimed a senior citizens and baby boomers and promise to put cash in their pockets. But how does a reverse mortgage work and are they really a good deal?? I found this great read on dailyfinance.com that helps explains both the positives and negatives of a reverse mortgage. To rad the article click here : Reverse Mortgages : Are they a good deal???
"Are they a good deal???"
ReplyDeleteMy answer is - Yeeeeeees! Great work!
The article failed to mention the high fees to get to the money. These companies don't give money away for nothing. I heard some fees can be as high as $8,000 to get access to the equity dollars in the house. If you need cash, take out a conventional home equity loan. If you have been interested just follow this link.
ReplyDelete