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The HECM program also allows reverse mortgages on condos authorized by the Department of Real Estate and Urban Development. Before you go and sign the papers on a reverse home mortgage, check out these four significant downsides: You might be thinking about taking out a reverse home mortgage because you feel great loaning versus your house.

Let's break it down like this: Think of having $100 in the bank, but when you go to withdraw that $100 Find more information in cash, the bank only provides you $60and they charge you interest on that $60 from the $40 they keep. If you would not take that "offer" from the bank, why on earth would you wish to do it with your home you've invested decades paying a home loan on? But that's precisely what a reverse home mortgage does.

Why? Due to the fact that there are fees to pay, which leads us to our next point. Reverse mortgages are filled with additional costs. And most debtors decide to pay these costs with the loan they will getinstead of paying them out of pocket. The important things is, this costs you more in the long run! Lenders can charge up to 2% of a home's worth in an paid up front.

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