Reverse mortgaging? Sounds like a good idea and the last hope for senior citizens. But we do not think so and that is why we came up with the “Reverse Mortgage Pest Alert”. The term “pest” is used to denote all the problems and industry misconceptions involved with reverse mortgages. Our service is to alert our subscribers of reverse mortgage problems as they arise. Here are 5 reasons or “pests”, as we call them, why reverse mortgaging may not be the best option after all.
One is the cost of the fees associated with obtaining the loan. Usually, there are originating fees, service fees and closing cost for obtaining the loan. There are also interest charges on the amount you borrow. Exorbitant is a good word for it but we call it a reverse mortgage pest.
Reverse mortgaging diminishes the equity the owner has in his/her home and thus diminishing one’s assets. Because you are not making any monthly repayments payments, the amount of interests applied to the loan continues to compound month after month, eating away your equity. Your home value thus reduces drastically. Our reverse mortgage pest alert will warn you of such dangers.
How would it feel, having to spend all your equity, with only little or nothing to leave for your heirs? This could also breed contentions in the family. This reverse mortgage pest means that your heirs may end up on the streets when you are gone.
In reverse mortgage, you are also responsible for all the real estate taxes and home owners insurance of your home. If you fail to maintain them, your loan will be called up. Even the electricity, water gas and maintenance are yours to take care of.
In addition, you cannot claim the interests you pay on your reverse payment on your taxes until the loan is repaid, unlike the traditional mortgage when you deduct your interests from your taxes. These are just some of the disadvantages or pest that you may not hear about. Think twice before opting for a reverse mortgage. Also how much faith do you realy have in the FHA.
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