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Reverse Mortgages
Reverse mortgage pitfalls Print E-mail
Reverse mortgage may be a great opportunity for senior citizens to be able to afford a good lifestyle. Unfortunately, not everything about reverse mortgages is good. One should be aware of the pitfalls associated with reverse mortgages. The first of the many reverse mortgage pitfalls would be the fact that the age of the youngest borrower is considered while calculating the amount of the loan. It has been found that the older the homeowner is, the better a deal in reverse mortgage he/she can get. So if a couple is availing a reverse mortgage, the age of the younger member will be considered, thus it is definitely going to be a worse of deal that it would have been if the older member had borrowed as an individual. The second of the reverse mortgage pitfalls is the high interest rates that are levied on the loan amount. It has been found that the rates are usually steep. Also, service fees which are charged have also been found to be quite high. The fees can run into thousands of dollars, even for a small amount of loan. Couple these with the taxes that you have to pay, the insurance costs for
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