Reverse Mortgage Pros and Cons

Today marked a historic day in time: for the first time ever, websites across the internet “blacked-out” in protest of the SOPA Act. However, Fox News was still hard at work reporting incorrect information regarding reverse mortgages. Fox News recently published an article on their site showing senior citizens how to receive the full amount of their home value in reverse mortgage proceeds.

Reverse mortgages allow homeowners who have reached age 62 or older to draw down on their home’s equity in exchange for cash. For instance, if your house is worth $250,000 you can get up to $250,000 either as a line of credit, all in a lump sum or via monthly payments

The article titled, “Who Should Do A Reverse Mortgage”, goes on to say that a reverse mortgage is a great alternative to senior citizens who have been “rocked” by the economic storm. A reverse mortgage is an extremely important loan that seniors should heavily consider before they make a serious commitment. It’s true that these mortgages bring much needed income into a senior’s life, but they also need to be aware of the pros and cons that come along with it.

So, while the rest of the Internet is blacked out because they are protesting SOPA, Fox news has now become the first calsualty of SOPA for incorrect facts as well as misspelling Bell’s last name.