Subject: Features of a Reverse Mortgage

Reverse mortgages were developed to assist senior citizens
financially from housing and property repairs and maintenance
to supplementing fixed incomes.

Reverse mortgages are for senior citizens who are 62 years of age
or older and who reside in their homes.

Reverse mortgages features have some advantages and disadvantages.
Some advantages of reverse mortgages are that they, for one, are not
taxable.

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They do not affect retirement benefits either such as Social
Security or Medicare.

You do not have to repay the loan until you sell the home or when
the home is no longer your primary residence.

One exception to this is that you can live in a nursing home for a
maximum of 12 months without penalty for HECM loans.

This is not applicable to the other two types of reverse
mortgages.

Some disadvantages or things to consider when contemplating a
reverse mortgage is for one the costs and fees associated with
obtaining the loan.

There are usually originating fees, service fees, and closing
costs for obtaining the loan.

There are also interest charges on the amount you borrow. This
interest accrues on the increasing balance and the amount you owe can
rise quite rapidly and is not tax deductible.

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Reverse mortgages can not have fixed APRs b/c the duration of the
loan is not fixed therefore they have variable rates that will
fluctuate as the current rates change.

Another important disadvantage with reverse mortgages is that it
depletes the equity the owner has in his/her home, thus, diminishing
ones assets.

These features of reverse mortgages should be weighed out
and compared to the goals of the potential borrowers to determine
if reverse mortgaging is right for them.

For more information, contact a reverse mortgage lender or
counselor.

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Thank you,

Max Taylor
http://taylor-marketing.blogspot.com