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The Reverse Orlando Mortgage Cons:

1. Mortgage Insurance (MI) - Despite of how much equity you have in your home, if you get a FHA loan, you are going to have mortgage insurance. When you have a reverse Orlando mortgage, the mortgage insurance covers you in the improbable event that your loan balance exceeds the value of your home. The only time this actually can happen is when property values decline significantly. Don't forget though, even if you have no equity left, you will never be forced to leave your home. Thanks to mortgage insurance, you will never have to pay back more than your home can sell for, and you don't have to sell until you want to.

2. Compound Interest - Everybody likes to earn it, no one likes to pay it. Simply defined, it is interest which is calculated not only on the initial principal but also the accumulated interest of prior periods. If you've ever had a savings account or investment that you rolled the earnings back into, you have likely earned it. Since you are not making payments on your loan, compound interest will add up.

3. By means of Your Children Inheritance - Who does the money belong to? If you require the money to make your retirement healthier, why shouldn't you spend it? Use what you have to and then pass on what's left to your heirs. Don't blow the money (unless you want to), but use some of it if you need to. It is your money.

The Reverse Orlando Mortgage Pros:

1. Maintaining Your Independence - Is there anything more uncomfortable than needing to ask your children for financial help? Would you like to need to move in with your kids because you can't pay for the bare necessities? Using a reverse Orlando mortgage you can keep your independence and preserve your dignity.

2. You Keep Your Home - Not having to move potentially decades of collected stuff and recollections might be the best reason to do one. Just the contemplation of moving makes most people cringe. By taking advantage of a reverse Orlando mortgage, you can afford to keep the home you love while affording the retirement you deserve.

3. Affordable Living - So many seniors are broke and live in an poor state. Most aren't even aware anymore because they have been living that way for so long. You can use the equity in your home and create a lifetime income stream by taking a reverse Orlando mortgage on your home.

4. No More Mortgage Payments - A reverse mortgage requires no monthly payments, and you won't need to pay back the loan as long as you live in the home as your primary residence. That extra "income" can be pretty useful in tough times.

Did you notice that the fees weren't mentioned in the "cons" section? That is because fees are no longer a reason to not do a loan. There are new programs available that cut the fees 50% or more. Usually the origination fee can be totally waived and you could get a large credit towards your mortgage insurance.

I have a confession to make. I am a reverse Orlando mortgage loan officer, but I truly believe that a reverse mortgage is the best tool out there to help a senior. While I agree they are not for everyone, there are a lot of folks that could benefit from one. It makes me cringe to hear someone say that a reverse mortgage is bad. They are neither bad nor good. It just depends on your need and how you use them.

Now you get to make the decision. Is a reverse mortgage a tool that will help you or someone you know?