That’s a really good point about the counseling sessions—they’re better than nothing, but I remember my neighbor saying she left hers more confused than when she went in. I get that these products help some folks, but it’s weird how the ads gloss over all the long-term stuff, like not being able to tap your equity later or the impact on heirs. Did your folks end up feeling like it was worth it in the end, or was there some regret? I always wonder if there’s a “right” time to even consider one of these.
it’s weird how the ads gloss over all the long-term stuff, like not being able to tap your equity later or the impact on heirs.
Yeah, that’s the part that gets glossed over a lot. I’ve seen folks go in thinking it’s just “free money” and then realize later there are some real trade-offs. Timing really does matter—if someone needs cash now and doesn’t plan to leave the house to kids, it can make sense. But if passing on the house is important, or if you might need more equity down the road, it’s worth slowing down and looking at all the angles. I’ve seen some regret, but also some real relief, depending on what people expected going in. Those counseling sessions can be hit or miss, honestly.
You’re right, the ads really don’t get into the nitty-gritty. I’ve had clients surprised by how quickly the loan balance grows, or by how little is left for heirs. It’s not a one-size-fits-all deal—sometimes it’s the right move, but you’ve got to weigh those long-term impacts. The counseling is supposed to help, but I’ve seen it gloss over some of the tougher scenarios too. Always worth digging into the fine print before signing anything.
I get where you’re coming from, but I’ve actually seen reverse mortgages work out pretty well for some folks—not just in emergencies. If someone’s got a lot of equity and no plans to leave the house, it can free up cash for travel or home upgrades. The key is making sure everyone understands the compounding interest and what it means for heirs. I always tell people to run the numbers with their family before jumping in. Sometimes the counseling sessions are a bit too generic, yeah, but a good advisor will walk through different scenarios step by step. It’s not always doom and gloom if you plan ahead.
- Totally agree, it’s not just a last-ditch option.
- I’ve seen clients use reverse mortgages to fund big renovations or even help grandkids with college.
- One thing I always flag: property taxes and insurance are still on you. Some folks forget that and get caught off guard.
- Also, if you’re thinking about moving in a few years, it’s probably not the best fit.
- The counseling is hit or miss, but a solid advisor can really break down the numbers and long-term impact.
- It’s all about knowing your goals and making sure the family’s on board.
