[rhouse30]

In your opinion, what are the advantages and disadvantages of reverse mortgages.

Also, could you include comments on what happens when you want to sell your house after you have accepted a reverse mortgage.

Thanks in advance.

[ebaines]

Here's a good article to give you info on reverse mortgages:

Reverse mortgage - Wikipedia, the free encyclopedia

Pros - an easy to get money if you have equity in your house
Con - expensive: high set up fees plus compounding of the loan loan makes it very expensive to get out if/when you sell your home.

When you sell, you have to pay back the lender - you pay back the money they've paid you, plus compounded interest, or they get the proceeds of the sale.