Reverse mortgages: Is it true? Can you really keep your house?
By Norma Garcia on Wednesday, June 18th, 2014
If you’re wondering about the answer to this question, check out this NBC Bay Area news story which aired on June 11th. Reality Check: Reverse Mortgages Aren’t As Good As They Sound After you’ve watched, tell us what you think in the comments section below.
Over the years, Consumers Union has written about reverse mortgages and the some of the unexpected Gotchas that can confuse seniors who are considering getting one of these loans. And it seems that certain themes keep repeating themselves when borrowers or their children share their stories with us about what went wrong with a reverse mortgage– falling for sales pitches from trusted celebrities and not fully understanding the product or the impact on family members, to name a few.
Here are five things you can do to protect yourself or a loved one if a reverse mortgage is something you are considering:
- If you need cash, consider alternatives to reverse mortgages first.
- Explore eligibility for less expensive programs or benefits.
- See if family financing is an option.
- Calculate the continuing expenses that come with a reverse mortgage.
- See a HUD Counselor face-to-face and consult with your financial advisors and an elder law attorney.
For more details, see Consumers Union’s Tips for Seniors Considering a Reverse Mortgage.