Reverse Mortgages are slightly more complicated than traditional loan products, and while there is a lot of information available about the program I have found that many people I speak with are often confused about it’s workings. Secondhand anecdotes of “bad” experiences only add to the confusion. Even the name “reverse mortgage” has unfortunately caught on in lieu of it’s true unsexy moniker, the HECM or Home Equity Conversion Mortgage.
Do not rely solely on what you’ve read online, a good deal of that information is outdated and not updated. You would not believe how many inquiries I still receive about a reverse mortgage program that was discontinued years ago that allowed someone as young as 60 to qualify. Before making any decisions, talk with a licensed Senior Finance reverse mortgage specialist.