Who benefits from a reverse mortgage? This may be a good option for borrowers who need money each month and have a lot of equity in their homes.

Banks also benefit, because these are high-profit and low-risk loans for them.

There are good alternatives, and you should consider these before you take out one of these loans on your home.

 
 

How to pay off a reverse mortgage isn’t tricky. You can cancel during the 3-day rescission period.

After that you can make payments, or sell your house to pay off the loan.

If a person dies and you inherit the property you won’t owe more than 95% of the appraised value, even if they owe more than the house is worth.