Is This My Best Option?
1. Where would I like to live in retirement?
For borrowers who plan to live in their homes throughout retirement, this loan is a great option. However, for borrowers who foresee moving into a nursing home, traveling away from their homes for extended periods of time, moving into a family member’s home, or living in a second home for more than a year, they may risk defaulting on the loan terms. In this case, the loan may become due and payable, and thus may not be as an efficient option. Therefore you must ask yourself, “Do I plan to live out retirement in my home?”
2. Why do I need a reverse mortgage?
3. Do I have my home paid off or nearly-paid off with a low mortgage balance?
Therefore, in order to determine how helpful a reverse mortgage would be for you, it is essential to ask yourself if you have enough equity to achieve your goals with a reverse mortgage. One of the best ways to answer this question is to consult with a reverse mortgage expert. They can give you an estimate of how much money you may receive, and if that amount will benefit your financial standing.
4. What are my heirs' expectations regarding my home?
At this time, the proceeds will first go towards repaying your reverse mortgage loan, after which any remaining equity will be disbursed to your heirs. If they would like to keep your home instead of selling it, then they may repay the reverse mortgage in another manner, such as refinancing the loan into a traditional mortgage.
Every family is different. Some feel that leaving a paid-off home to their children as inheritance is important, while others do not. Therefore, an important question to explore is how you, or your heirs, feel about this kind of arrangement.
5. Do I understand all of the loan terms?
Therefore, before committing to a reverse mortgage loan, you should ask yourself if you are confident that you can fulfill the obligations of this loan. Ensure that you are absolutely clear on all aspects of these loan terms by having a reverse mortgage expert outline all of them for you in detail prior to signing.
Once you have asked yourself these 5 questions, you will be on your way to a better understanding of whether or not getting a reverse mortgage will be a good fit for your needs. A reverse mortgage professional is also an invaluable resource in getting more information about this loan, educating yourself on all its details, and getting a concrete estimate tailored for you. With the help of a knowledgeable professional, along with the understanding you have gained from researching this loan option, you may be well on your way to funding your retirement in just the way you always imagined.
Want Us To Mail You
Reverse Mortgage Information?
If you would rather look over a packet of papers in the comfort of your home to best discover your reverse mortgage options please click on the link and we’ll mail (at no cost to you) a reverse mortgage packet to review.
Want Us To Mail You
Reverse Mortgage Information?
If you would rather look over a packet of papers in the comfort of your home to best discover your reverse mortgage options please click on the link and we’ll mail (at no cost to you) a reverse mortgage packet to review.