What AARP says about reverse mortgages

It is important before borrowing any money whether through a loan or mortgage, you clearing understand what you are getting yourself into.  AARP does not endorse any reverse mortgages including lenders or products but they do want you to be fully informed about them.  AARP’s comments on reverse mortgages includes, you have to own your home or property before applying for one of these types of mortgages.

You will still be responsible for all property taxes, insurance and repairs.  AARP on reverse mortgages says that when the loan is over, you must repay all cash advances including interest likely from the sale of the property.  Most lenders want their money back rather than take ownership of the property.

AARP states reverse mortgages vary depending mainly on your age and home or property’s value.  You are not eligible for one of these mortgages unless you are 62 years of age or older.  The amount of money you can get from one of these mortgages will greatly depend on your property’s current value and the interest rate the lender is charging.  Make sure to do your due diligence before going ahead with one of these mortgages.