There are a good many pros and cons (more pros than cons) about San Antonio reverse mortgages, obtained through Senior Reverse Mortgage Services, and not all can be covered in the space of a single blog posting so I will bring to your attention some that are lesser known, but still important to consider.
When homeowners begin thinking about ways to access equity from their home, one of the first concerns has to do with ones credit. You may wonder if today you have the score you will need to get a home equity line of credit, or a second mortgage. By getting a reverse mortgage, you will be able to access the equity, without having to pay it back, and still not lose your home with no income verification or credit check.
Reverse mortgages do not give away your home to the lender. This is a very common misunderstanding that is simply not true. Reverse mortgages were designed for a certain demographic of people, and when used properly they can enrich the lives of those who use them.
While you will need to show income for most types of loans, it is not a factor in qualifying for a reverse mortgage.
When it comes to TX reverse mortgage pros and cons you may have to look deeper to find any negative aspects of the product. The first one that comes to mind is the age requirement. There is no getting around the 62 yr old age requirement.
Income from a reverse mortgage may make you ineligible for need based programs like Medicaid.
Fees are higher with a reverse mortgage, mainly due to insurance costs and origination fees.
The product is not well understood, even by many mortgage professionals.