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Disadvantages of Reverse Mortgages

As defined in the previous post, reverse mortgages are loans converted from home equity that you won’t have to pay back until you die or move out. It is a means of a way out for cash-strapped seniors to get some needed cash. But with the real estate market falling, these loans are risky proposals to borrowers right now.
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Are reverse mortgages different than home equity loans?

Let us first define reverse mortgage. A reverse mortgage is a type of loan available to older homeowners. It enables them to convert the equity in their home to cash in order to finance living expenses. Whether it be for home improvement or for health care. Payments are then made by the lender to the homeowner.
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Latest from the News

Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.