why you should not get a reverse mortgage

So while a reverse mortgage can generate cash, it’s not necessarily the best or only way to do that.

If you are being encouraged to get a reverse mortgage so that you can use the money to invest in stocks, start-up companies, real-estate, or any other type of investment, you should take a good hard look at what the person encouraging you stands to gain.

“People who are cash poor-they just have Social Security, not an Individual. To qualify for a reverse mortgage, according to federal regulations, you must be 62.

So while a reverse mortgage can generate cash, it’s not necessarily the best or only way to do that. Because of the high upfront costs, a reverse mortgage is usually not a great option if you’re.

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A reverse mortgage can be of great benefit depending on your financial goals, but as with any other type of financial product, reverse mortgages are not an option for everybody. In order to qualify, you must meet certain requirements:

On this special thanksgiving day show, Bruce will discuss the five reasons why someone might NOT want to get a reverse mortgage. He also throws in a couple of corny turkey day jokes as well. Colorado’s First Certified Reverse Mortgage Specialist – (303) 467-7821.

It’s necessary to calculate PITI for every potential mortgage loan as this calculation can determine whether or not. you have a fixed-rate loan. Or it could fluctuate if you have a variable-rate.

Reverse mortgages are loans against the equity you've built in your home. They' re designed for seniors who need cash but don't want to sell their homes.. is often the largest asset seniors have, reverse mortgages should be.

“It’s not right for everybody, but a lot of people are able to use it shrewdly as part of their retirement planning.” generally, he said, a reverse mortgage should. why, either. I think I’ll wait.

Finally, you might simply decide that the terms of the reverse mortgage are not right for you or find you can get a better deal elsewhere. How to get out of a reverse mortgage . If you’ve decided you want out of your reverse mortgage, you have a few options besides dying or selling the home.