So you are considering a reverse mortgage. You probably want to know more about it and get a bit more educated. You are in luck, because this website is dedicated to helping seniors make an informed decision. You will find many helpful ideas and tidbits of reverse mortgage information here.
Any senior that is at least 62 years old, and has equity in their home.
Anyone that finds that Social Security isn’t holding up their end of the bargain. It seems that more and more seniors are feeling the financial strain these days.
How much can you qualify for?
This depends on your age, the value of your home and market conditions. But, if you would like a more concrete answer, then try out our free reverse mortgage calculator.
Is a reverse mortgage right for you?
This is a bit subjective, but to see if it fits your needs, you should consider reading more on this site. If you still have questions you should talk with a loan officer.
Many seniors will benefit from a reverse mortgage, but it is not right for everyone. It also does NOT fix every problem. There are many ways to rationalize if you need it, or if a reverse mortgage will actually be right in your situation.
The way I recommend that you check is if you are able to save money each month, and you are living a pretty good retirement with financial freedom, then it probably isn’t for you. But if you are seeing your savings dwindle, and you are feeling the strain of running out of money, and your monthly needs are not being met with your current income, then a reverse mortgage might be the ticket you need.
How long does it take?
This depends on many factors, but I would say that 30-45 days is reasonable. Some situations call for a bit longer, but anything under 60 days will be considered a quick (enough) loan.
What is my payment?
Nothing. That is right, you don’t pay a cent towards the loan if you don’t want to. This can be hard for some seniors to believe, but it is true. We have a whole section on how a reverse mortgage works, so read it if you need more information.
What about the bad real estate market?
Don’t worry about it. If you have enough equity to make the reverse mortgage fit your needs, then use it. In the event the market turns around and there is a bunch of equity left over, you can refinance into a new reverse mortgage.
Any remaining equity will be passed on to you or your heirs. It doesn’t just disappear.
A reverse mortgage will offer a senior a great opportunity to really live their retirement. Don’t let the fear of the unknown keep you from digging deeper into this great product.