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Avoiding Costly Mistakes
Selling Your House in a Short Time:
The reverse mortgage is an excellent solution to many financial situations, but not all. If you plan on selling your house within a short period of time, it may not make financial sense to obtain a reverse mortgage. As with any mortgage, there are closing costs. Because the closing costs are spread over the time period, the longer that you keep the house, the “cheaper” the loan becomes. The reverse mortgage is ideally suited for the borrower who wants to remain in the home for many years or who has no plans to leave the home. If you plan to move out of your home in less than three years, the costs associated with getting a reverse mortgage far outweigh the benefits. There may be cheaper alternatives that can accomplish what you need financially.
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