Reverse Mortgages
Overview, Pros, and Cons
Reverse Mortgages
Overview
Pros
Cons
Overview
- Offered to borrower age 62+.
- No mortgage monthly mortgage payment (uses up the equity in home instead).
Pros
- Alleviates burden of mortgage payment for elderly.
- Borrower cannot be kicked out of their homes for lack of equity once loan is established.
Cons
- Equity in property gets less and less the longer the borrower lives in home.
- Compounding interest accelerates the equity of loss the longer the loan is in effect.
How Can All Shores Help You?
Whether you’re looking to buy a home, refinance or consolidate debt, we will work with you to find the answer that best fits your needs.
