What are the potential drawbacks of refinancing into a reverse mortgage?

Since 1961, older US homeowners can take out a reverse mortgage to access equity in their home to help with all sorts of financial needs. Dec 20, 2022 ... A reverse mortgage is a mortgage loan – usually secured by a residential property – in which the main source of repayment is the proceeds from ... Feb 6, 2023 ... A new report, Unmet Promises: Reverse Mortgage Servicing Challenges and How to Preserve Housing Stability for Older Adults, finds that reverse mortgages end in ... A pilot program that allows qualified homeowners to apply for and receive financial assistance for payment of past due property taxes, property insurance debts ... Jun 2, 2009 ... Look and listen for false and misleading claims related to reverse mortgage offers, and report them to the appropriate authorities. Reverse mortgage borrowers have significantly higher financial and housing satisfaction compared to nonborrowers; no differences were found for health, daily ... This bill: 12 enacts the Utah Reverse Mortgage Act; 13 defines terms; 14 provides requirements for a reverse mortgage in the state. Consumers discover the serious consequences a reverse mortgage can have for loved ones when both spouses are not listed on a reverse mortgage. In order to receive a Home Equity Conversion. Mortgage (HECM), the most common type of reverse mortgage loan, you must receive counseling from a HUD-approved ... A reverse mortgage increases your debt and can use up your equity. While the amount is based on your equity, you're still borrowing the money and paying the ...