Reverse Mortgages: When Is One Right For You?
How do you know if a reverse mortgage is right for you? The
answer depends on your current financial situation of course.
But other factors such as your medical condition and lifestyle
are important in determining whether or not a reverse mortgage is
your best choice compared to a home equity loan, a line of
credit, or just selling your home.
A reverse mortgage might be worth your consideration in many
situations. Some of the common reasons you might get a reverse
mortgage loan are if:
- You have a small first mortgage
- You own your home free and clear with no debt
- You need regular income to live on and your home is you
- You want to stay in your home and have no intention of
- Other housing options are unaffordable or not appealing to
- You want to be able to take care of major medical
- You want to be able to do home repairs, travel, or help
- You don't plan on leaving your home to your heirs through
- You want to relax by knowing that your financial needs are
taken care of
A reverse mortgage is not for everyone. You may want to avoid
a reverse mortgage if you answer "no" to any of the following
- Will you be able to enjoy the money from a reverse mortgage
knowing that the debt on your home is rising and your home
equity is falling?
- Can you continue to pay for property taxes, home insurance,
and any home maintenance which will still be required as part
of your loan agreement?
- Can you handle financial burdens if your home equity is
partially or completely used up?
- Do the advantages of owning your home outweigh the
disadvantages now and in the future?
- If you do not get a reverse mortgage do you know what your
other options are?
- Do you understand clearly the terms of your reverse
mortgage and the costs involved in obtaining a reverse mortgage
As you can see, there are a number of factors to consider and
questions to ask before you can determine whether or not a
reverse mortgage is right for you.
Allen Daniels offers a Free Online Video about Reverse
Mortgages that shows you How to Cash in With Reverse Mortgages.
You can view the video at http://www.ReverseMortgageTips.com/
MORE RESOURCES updated Fri. October / 19 / 2018
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