Housing Tip of the Week: Avoid Reverse Mortgages

Reverse mortgages are a leading cause of losing homes in tax sale or foreclosure. They might seem like a great idea because you get money from the equity in your home, but in reality, you are losing the value. Additionally, if you are not able to pay your taxes or insurance, or if the house is not well maintained, you could lose your home to the reverse mortgage company. There are more details about why reverse mortgages are bad here.