Cons:
- Accumulating interest can increase the loan balance
- Fees and interest rates can be high
- risk of foreclosure if you fail to pay property taxes or insurance
- May affect your eligibility for other government benefits
It's essential to carefully consider your financial situation, goals, and options before applying for a reverse mortgage. It's recommended to consult with a financial advisor, attorney, or a reverse mortgage specialist to determine if a reverse mortgage is right for you.