Negative Emotions on Reverse Mortgages
Taking a reverse mortgage loan was the worst financial decision I ever made. My financial situation was in dire straits and I was introduced to reverse mortgage. I thought it was a good idea and went ahead for one after doing a bit of research on the internet. They hardly mentioned the fact that the reverse mortgage origination fees are high, very high. Worst there is a maximum amount of what you can actually get from a reverse mortgage loan. I just gave out my house for far less the value and it makes me so sad. I could have sold it and moved to smaller cheaper accommodation. Think thrice before you opt for a reverse mortgage loan.
Philemon - 68 - Arkansass
I have never taken a reverse mortgage loan and never will. How can people say that a loan designed to eat away your only asset of real value is a good thing? How can you be happy getting some paltry monthly payments knowing each one plus interests reduces your home equity? Worst still, what kind of a parent would you be if you took a loan on your home and ate up all the equity? What would you leave your children? They will say, ‘look there is my mother’s home, she sold and ate all the money just before her death so we won’t inherit’. I can’t even imagine such.
Sheila - 72 - North Carolina
I personally think that the issue of the benefits of reverse mortgage depends on the individual’s circumstances and other options open to them. I have read many positive reviews from other seniors who claimed that a reverse mortgage loan benefited them. For me I do not think it would be right. I have loving children and so don’t staying with them is not a problem. In fact they moved into my home with me. I believe if they ever had to choose between putting up with me and losing my house as an inheritance they would gladly live with me. We have had good memories here; I want to be able to leave that for my children.
Salazone - 77 - San Antonio
The benefits or non-benefits reverse mortgage loans will continue to be debated for a long time. Reverse mortgage cons far outweigh the pros. It would always benefit some and would not benefit others. It depends on the person, their personality and insight. It would always be loved by those who want to eat now and don’t want to see or consider the effects eating today have on the future. It would never be accepted by people like me who know the true purpose behind the loans. We will never accept some paltry amount in the guise of a loan and throw away an asset we worked so long and hard for. There will be no reverse mortgage loan for me.
George - 69 - Houston