Suze Orman is a well-known financial advisor and she has a lot to say about reverse mortgages. In general, Orman is not a fan of reverse mortgages, and she has several concerns about them.
First, Orman is worried about the high fees associated with reverse mortgages. These fees can add up quickly, and they can eat into the equity of the home. This is a serious concern, because it means that the home could be sold for less than the amount owed on the mortgage.
Second, Orman is worried about the fact that reverse mortgages are not easy to cancel. This means that if the borrower gets into financial trouble, they may not be able to sell the home to get out of the mortgage.
Third, Orman is concerned about the fact that reverse mortgages can be used to purchase things that are not essential, such as a new car or a vacation home. This can put the borrower at risk of defaulting on the mortgage.
Overall, Orman has serious concerns about reverse mortgages. She believes that they are expensive and difficult to cancel, and she thinks that they can be used to purchase things that are not essential.
