Is reverse mortgage a ripoff?
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Financial Planning with RM's Q & A
Reverse Mortgage loan costs are regulated and can be financed within the loan balance. Additionally, necessary third party housing counseling serves as additional protection to seniors and our industry too. Banks provide these loans with immense government oversight. You even have the ability to change your mind after you close on your loan with a 3 day right to cancel at the end. On the most popular HECM reverse mortgage, necessary FHA mortgage insurance provides protection from ever owing more than the house’s value.