According to a lot of people, reverse mortgage loans are helpful and beneficial to seniors who take out such loans. I have taken time to study and go through the positives and negative aspects of reverse mortgage loans. I have seen what many refer to the benefits of reverse mortgage loans and I have also seen the painful effects. In my own opinion reverse mortgage is not worth all the hype about it. In fact I would rather move out that even consider a reverse mortgage loan. This is however my own opinion based on my own unique circumstances.
To me there are many alternatives to a reverse mortgage loan. First there is a regular loan, using you home as security or you can simply sell it and move into a cheaper and smaller place. The truth is that I love my home. I spent years paying for it and taking care of it. I made many fond memories with my family here and I am aware that my two children feel secure and safe in it. How can I then consider a loan that would use up the equity of such a prized possession and deny me the opportunity to pass it to my heirs?
You may feel that my reason is based more on sentiment than logic or reason. I would thus request you to find out more about the negative aspects of reverse mortgage loan options. For example the high cost involved with applying and securing the loan, the high interest rates, the fact that it does not reduce your tax like other loans, plus repair and the tax costs of the home that you still have to bear. When you also consider insignificant amount that you actually get in relation to the worth of your home then you would understand why many of us do not think reverse mortgage to be worth the trouble.