Reverse Mortgage Disadvantages

I wouldn't necessarily call these disadvantages of the Reverse Mortgage product, however this information that needs to be shared and understood by those consider a Reverse Mortgage.

When Reverse Mortgage Loan becomes due or is called... Once the individual is no longer living in their property - whether through passing away, moving or the sale of the property - the lender will collect on their loan. This can come in a number of forms, including repayment of the loan amount (base plus interest), or repossession of the house by the lender. If the borrower has died, their heirs may be responsible for paying off the loan.

Reverse Mortgage Lenders may also expect payment or call the loan if a number of other factors occur during the life of the loan. For example, if the homeowner does not pay their property taxes, keep their home in good repair or maintain their homeowner's insurance.

It is important to follow the rules of your Reverse Mortgage Lender. If you have specific questions, please call the toll free helpline at 1-888-823-6125.

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