Reverse mortgages as any other product in the market, has both advantages and disadvantages. The advantages of this particular kind of a loan could be said to completely outweigh the disadvantages, however, it is left for the borrower to decide whether or not the loan is suitable for them. The advantages are well highlighted below.


  • The reverse mortgage loan attracts no monthly payments instead, all monthly charges accumulate and are all paid off at the time when the loan is paid off as well hence proving less cumbersome as monthly payments prompt are eliminated and the loan paid off as a lump sum when the loan is due.
  • A reverse mortgage loan allows security for the home-owner in the sense that under no circumstance is he required to vacate the premises unless by their own volition. They cannot be evicted.
  • The reverse mortgage is only due when the home-owner no longer uses it as their primary place of residence or when they pass on.
  • The reverse mortgage loan does not in any way affect the medical care benefits of the borrowers or their social security.
  • The income that the borrower gets from the reverse mortgage loan is in no way taxable.
  • KEY FEATURES OF THE REVERSEThe eligibility of the home-owner is not determined by the borrower’s income, instead, it is the value of the house or home that is put up for assessment.
  • Payment of the reverse mortgage can be received by the borrower in several different ways which includes as monthly installments, as a lump sum or as credit also.
  • The title of the home-owners home or property can be kept until they pass away, until the loan time is due or until they sell off the home.
  • The lenders of the loan cannot in any way charge other affiliated parties of the borrower once the property is sold and the amount acquired comes short of the loan lent. The loan is only charged based on the property and no more.
  • Upfront costs and fees can as all other monthly fees, be in fact forwarded to be repaid once the loan is due, hence prior payments can be delayed or postponed and paid off once the loan is due.
  • The interest rates are usually fixed or adjustable, hence giving the borrower variety of options to choose from and select what best suits them.
  • Money acquired from the loan can be used for any purpose. This gives the borrower to do with the money acquired what they see fit. It is advantageous in that the borrower is under no obligation to fully account for their spending of the money which they have acquired from the loaner.
  • The home equity faces increase proportionally with the unavoidable increase in age of the home-owner. The older the home-owner, the higher the value of equity. This in fact means that the amount which is availed to the borrower for lending increases and an increases magnitude of the pool of funds available.

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