SCOTT BURNS: Reverse mortgages, bucket method for retirement
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#2 Jul 24, 2010
Reverse mortgages look real good on paper. You get the money when you need it and what you take comes out of the proceeds from the sale of the home when you die. If you are like me and htink your kids should take care of themselves and not get a big, fat inheritence then this looks good. Btu what you don't typically see are the gotchas. Most reverse mortgage lenders are NOT in it for the long haul - they want their money back quickly. So they sneak in little things like you have to keep up certain insurance and property taxes. So if you and you spouse are injured or take ill and forget to make an isnurance payment, bang their goes your house!
As with all things, but especially reverse mortgages, RTFP.
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