Reverse Mortgage Disadvantages and Pitfalls

Reverse mortgages carry some disadvantages and pitfalls that seniors need to know about.  Much of the positive press on the program is valid, but there is some cautionary info and real dangers that a senior should be aware of before jumping in headfirst.

One of the most important pitfall to avoid is dishonest reverse mortgage vendors. The old adage, “you know them by their fruits? applies here. If they seem creepy, they probably are. But how does one recognize them? For one, after contacting them, they may never leave you alone. If they get a hold of your contact information and place you on their marketing list, you may never stop receiving a mailbox full of their junk mail and annoying phone calls.

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