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What are the Reverse Mortgage Disadvantages?
Reverse Mortgage Disadvantage #1: It is a loan and it has to be repaid when the senior moves or pass away. All banks and lenders are in business to make money. A reverse mortgage lender is no different. When they lend you money, it has to be repaid plus interest in it. This is a business transaction, you get the fund, the bank puts a lien on your home, the lender gets a guarantee that they will be repaid when you move or pass away.