We realize that your home is probably the largest asset you own and using its equity in a reverse mortgage requires serious thought. It may not be for everyone; however, a reverse mortgage is all about making the most of the equity that you have acquired. This popular home loan has been helping seniors for more than a decade and is usually supported and encouraged by the senior’s adult children.
There are closing costs associated with a reverse mortgage. Appraisal and counseling fees are paid up front, and things like attorney fees, title insurance and FHA insurance premiums, are deducted from the loan proceeds at closing. You may want to consider other options if you plan to stay in your home for only 2 or 3 more years.