I’m not aware of any connection between the actor Tom Selleck and the topic of reverse mortgages. Reverse mortgages are a type of home loan that allows homeowners who are 62 years of age or older to convert a portion of their home’s equity into cash. The loan does not have to be repaid until the borrower dies, sells the home, or moves out of the home permanently.
A reverse mortgage can be a useful financial tool for older homeowners who need additional income and want to stay in their homes. However, it’s important to understand the terms and conditions of a reverse mortgage, as well as the costs and risks involved, before deciding to take one out.
Some of the risks associated with reverse mortgages include:
Higher interest rates than traditional mortgages
Fees and closing costs
The possibility of owing more than the value of the home if the value of the home decreases
The possibility of the borrower being unable to meet the loan’s terms and losing the home
It’s important to consult with a reverse mortgage counselor and a financial advisor to understand the pros and cons of a reverse mortgage and to determine if it’s the right financial decision for you.
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