Is a Reverse Mortgage a Good Idea For Me?
At Citizens Lending Group, we believe that people in California, Pennsylvania, and Florida who may be considering a reverse mortgage should research and understand their options. All financial decisions have risks and rewards, and it is important to pay close attention to these as you ask yourself "Is a reverse mortgage a good idea for me?" For many seniors who own their home, the answer is usually yes, but it is key to know which factors may make it better or worse depending on your situation.
Contact us today to learn more about reverse mortgage requirements and for help answering the question, "Is a reverse mortgage a good idea for my financial future?"
Is a Reverse Mortgage a Good Idea For You? First, See if You Qualify
If "Is a reverse mortgage a good idea for me?" is the first question on your mind, the second question needs to be "do I qualify?"
A reverse mortgage requires the borrower or borrowers to be at least 62 years old and to own their home as their primary residence. Because the reverse mortgage will require you to sell your home when you move or pass-away, you also need to be able to maintain the home until that time comes. This means you have to provide proof that you are financially able to pay the taxes and maintenance on your home along with any HOA fees.
Is a Reverse Mortgage a Good Idea For Me? What Kinds of Plans Do I Have?
The next main thing to consider when it comes to reverse mortgages is if a reverse mortgage is a good idea for your lifestyle. If you have plans to move in the very near future, you will have to pay your loan back almost immediately. Therefore, this might not be the most ideal situation for you. You should plan to stay in your home as long as possible so that you can maximize the time you have to enjoy the equity you have built up before it has to be paid back.
Is a Reverse Mortgage a Good Idea For My Family?
Additionally, your loved ones may be asking "Is a reverse mortgage a good idea?" for reasons of their own. You should consider that you will most likely have to sell your home in order to pay back the reverse mortgage. Some family members may have been expecting to inherit your home after you are gone. In these cases, it is best to talk with family about how a reverse mortgage can ease your financial situation now without necessarily straining your future. Most reverse mortgages cannot be for an amount greater than the appraised or sale value of your home. This means you or your heirs will never have to pay back more than your house is worth.
Is a Reverse Mortgage a Good Idea For Me? Ask Us
If you would like to learn more or to get answers to your individual questions, contact Citizens Lending Group today. We can help you to learn all about reverse mortgage requirements and whether or not a reverse mortgage is a good idea for you and your loved ones.