The Pros and Cons of Reverse Mortgages

Pros: A reverse mortgage can help you stay in your home.

Pros: A reverse mortgage can provide you with extra income each month.

Pros: A reverse mortgage can give you access to cash advances.

Pros: A reverse mortgage can increase your monthly Social Security payments.

Pros: A reverse mortgage can give you a line of credit.

Cons: A reverse mortgages can be costly. There are fees associated with getting one, and you'll also have to pay interest on the loan.

Cons: Plus, the amount you're able to borrow will decrease over time, since the loan is paid back with interest.

Cons: A reverse mortgages can affect your eligibility for government assistance programs down the road.

Cons: If you take out a reverse mortgage and then need to go on Medicaid or Social Security, you could be in for a nasty surprise.