What are the pros and cons of a reverse mortgage?

Pros:

• Allows you to access the equity in your home to improve your cash flow.

• Can help you stay in your home longer.

• Doesn't require monthly mortgage payments.

Cons:

• The loan balance increases over time, reducing your home equity.

• Closing costs can be high.

• You are responsible for maintaining the home and paying property taxes and homeowners insurance.