The article you are about to read will cover the reverse mortgage disadvantages that are typically hard to find. We are going to bring them out into full view, so you will understand both sides.

1. You no longer will get the interest write off for your mortgage payment.

a. A reverse mortgage does not require monthly payments, so you don't pay any interest. This is because you are not "paying" anything. Just because the interest is accruing does not mean you get the write off. You have to make payments to get it In most cases, this is when you need to move or you sell your home.

b. Not making payments any longer is probably more important than writing off a bit off interest. Speak to a tax professional if you think your tax write off will impact your tax obligation, but in most cases won't.

2. Your mortgage balance will grow.

a. Just because you are not making payments, does not mean your loan is free. The interest will accrue monthly and since you aren't making payments, the balance will grow. The lender charges you interest and if you don't pay it, it gets added to your loan balance.

b. It is very common for a reverse mortgage to be paid back after the borrower has passed away. If you haven't made any payments for several months or years, you have achieved deferring your payments and interest indefinitely.

3. Reverse mortgages traditionally have high fees.

a. It may seem like the fees are more expensive on a reverse mortgage than on a typical home loan. Maybe because there are no monthly payments, it seems justified.

b. You can actual get your fees down to almost nothing now. Check into the loan again, especially if the reason for not doing it was the cost. The fees have been cut so much, that you are going to be pleasantly surprised.

4. The inheritance that you leave your children will be less.

a. Make no mistake about it, you are spending the equity in your home. Some will say this reduces the amount you are able to bequeath. You could actually be helping them more than you know.

b. Are you really shorting anyone, just because you spent some equity? Removing your existing monthly payment will allow you to have more cash for things like medical or housing expenses. Because of this, your children are less likely to need to contribute to your monthly bills. That fact alone will help them because they will be able to save for their own retirement.