Hello forum members. I think a lot of people have heard of reverse mortgages. But not everyone can know enough information about it. I appeal to those who may have taken it or just understand it. What are the risks? And are there any of them at all?
The most important risk for a pensioner is the revocation of the bank’s license or its bankruptcy. That is why when deciding to conclude a reverse mortgage agreement at https://www.moneyexpert.com/ it is very important to apply to proven financial institutions that have been on the market for many years and have a stable position. I hope I helped you.
Another risk for pensioners, especially if they have chosen to receive the entire amount for the apartment at once, is unscrupulous relatives who may appropriate the money for themselves. To exclude such situations, control by social services is very important. By the way, the pensioner cannot spend the money received only on his/her relatives. Tracking this, of course, is quite problematic.