Generally, a reverse mortgage must be paid back when you die or move from the home. This can use up much – or even all ─ of your equity.Ī reverse mortgage can limit your options down the road. Your debt keeps going up (and your equity keeps going down) because interest is added to your balance every month. While the amount is based on your equity, you’re still borrowing the money and paying the lender a fee and interest. (Your equity is how much money you could get for your home if you sold it, minus what you owe on your mortgage.) While a reverse mortgage lets you access your equity without selling your house right away, it can be financially risky:Ī reverse mortgage increases your debt and can use up your equity. With a reverse mortgage, t he amount of money you can borrow is based on how much equity you have in your home. If you’re 62 or older, you might qualify for a reverse mortgage. Things To Consider Before You Get a Reverse Mortgage.Identity Theft and Online Security Show/hide Identity Theft and Online Security menu items.Unwanted Calls, Emails, and Texts Show/hide Unwanted Calls, Emails, and Texts menu items.Money-Making Opportunities and Investments.Jobs and Making Money Show/hide Jobs and Making Money menu items.Credit, Loans, and Debt Show/hide Credit, Loans, and Debt menu items.Shopping and Donating Show/hide Shopping and Donating menu items.
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