Anyone ever gotten a “Reverse Mortgage.”?
I am aware of the concept of this type of mortgage but I want to be completely aware of all the disadvantages.
My elderly mom is thinking of getting a reverse mortgage on her home. I would like to know if anyone has any experience with this kind of mortgage. What should she be aware or cautious of (hidden obstacles, etc.)?
Is this type of mortgage regulated “strickly” by the government or can there be other types of reverse mortgages, etc.?
Since my mother worries from day to day if she can pay even pay her utilities on her small Social Security check I would much rather see her have some “peace of mind” than any profit from the sale of her home once she is gone.
I didn’t think a reverse mortgage was a “loan.” I thought that you are given the appraisal amount for your home in $ $ ‘s and you are allowed to live in the home until you pass away because your home is no longer yours but the money you are given for it can be spent on many things, bills, vacation, etc. Obviously I need to read up on it some more…