Is a reverse mortgage right for you? - CNBC
Are you considering a reverse mortgage? If so, you are not alone; applications for reverse mortgages rose 15 percent in March from the previous month as people turned to the loans to avoid using their retirement investments in a down market. So, what is a reverse mortgage? A reverse mortgage is a non-recourse loan. This means that neither you nor your heirs are personally liable for any amount of the mortgage that exceeds the value of your home when the loan is repaid or you permanently move out or die. Although reverse mortgages could mean that more people will try to age in place, they do come with pitfalls. In Jill Cornfield’s article appearing on www.cnbc.com, she explains what a reverse mortgage is, what to ask, the pros and cons, and the not commonly known facts about reverse mortgages. Read Ms. Cornfield’s article here…
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