Borrowers Often Unaware Of Long Term Implications Of Getting A Reverse Mortgage

Considerations that need addressing when getting a reverse mortgage were recently covered in an article in The Age. An excerpt from the story:

• Many older people find themselves asset rich but cash poor and releasing some of that home equity can be appealing. However, a recent Australian Securities and Investments Commission study of consumers' experiences with reverse mortgages found that the upfront benefits are obvious but borrowers were often unaware of the longer-term implications of their loans.

For more on these implications, see ASIC warns on reverse mortgages.

Go here for more on Reverse Mortgage Issues / Problems. zebra