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Ashley Said:

Does anyone know anything about the benefits and drawbacks of reverse mortgages?

We Answered:

The fees associated with some of them can be very high, so you'll end up giving as much as 5 digits in fees up front to the mortgage company, significantly reducing your equity.

The reverse mortgage also means it is unlikely your heirs will be in a position to keep your house so if you have a dream of your children some day living in your house forget it.

I would talk to a trusted financial adviser before getting a reverse mortgage and be sure that you have an attorney review of the agreement.