What are the down-falls of a Reverse Mortgage?
My 71 year-old mother, who is a bit financially strapped, received information from her retirement association about Reverse Mortgages. The papers makes it read like for fees of roughly $ 300-ish, the bank will just give her whatever money she wants and she won’t have to pay anything back until the sale of the house…. which for my family, will never happen.
It really sounds like free money… what are the catches??