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Why a Reverse Mortgage Can Be Detrimental to a Neighborhood
A reverse mortgage can be a helpful option for getting equity out of your home. It comes with some big drawbacks though. One that people rarely think about is the impact it has on a community and neighborhood.
This article demonstrates just that. A homeowner in Florida had a reverse mortgage and has since deceased. “Mold was growing in the house and the bushes were overgrown.” It's the responsibility of the reverse mortgage company to keep the property up to certain standards, but after multiple attempts to reach them, the community received no response.
When I pass away, I don't want my legacy to be creating more issues for my community.
If you want to unlock the equity in your home and live the life you desire, contact us at (763) 230-0441 and we'd love to talk with you about your options!
