I’m not aware of any connection between the actor Tom Selleck and the topic of reverse mortgages. Reverse mortgages are a type of home loan that allows homeowners who are 62 years of age or older to convert a portion of their home’s equity into cash. The loan does not have to be repaid until the borrower dies, sells the home, or moves out of the home permanently.
A reverse mortgage can be a useful financial tool for older homeowners who need additional income and want to stay in their homes. However, it’s important to understand the terms and conditions of a reverse mortgage, as well as the costs and risks involved, before deciding to take one out.
Some of the risks associated with reverse mortgages include:
- Higher interest rates than traditional mortgages
- Fees and closing costs
- The possibility of owing more than the value of the home if the value of the home decreases
- The possibility of the borrower being unable to meet the loan’s terms and losing the home
It’s important to consult with a reverse mortgage counselor and a financial advisor to understand the pros and cons of a reverse mortgage and to determine if it’s the right financial decision for you.