IS IT RIGHT FOR ME?

There are many good reasons why to obtain a Reverse Mortgage…but a Reverse Mortgage isn’t the best choice for everyone.

An honest, experienced Reverse Mortgage Specialist should take the time to ask you the right questions and truly understand your objectives. Only then can your Reverse Mortgage Specialist give you a clear opinion if a Reverse Mortgage is the right choice for you.

Listed below are 7 critical questions that every prospective Reverse Mortgage borrower should be asked prior to applying. Below each question, we have summarized why the question is so critical. These questions will become key in determining if a Reverse Mortgage is right for you.

01. Are you, and any other current owners of your home, age 62 or over, and live in your home as a principal residence?

Why is this important? These are the very basic qualifications to apply for a Reverse Mortgage loan. If either of these answers are “no”, you are not eligible for a Reverse Mortgage.

02. Is your home a single-family residence in a 1- to 4-unit dwelling, a condominium, or part of a planned unit development (PUD)?

Why is this important? Once again, these are the very basic qualifications to apply for a Reverse Mortgage loan. If you have any question whether or not your home will qualify, let your Reverse Mortgage Specialist know at the beginning.

03. Are you willing to discuss the program with a counselor from a HUD-approved counseling agency to make sure this is the right choice for you?

Why is this important? HUD requires anyone applying for a Reverse Mortgage to first meet with a counselor (either in person or via telephone) from a HUD-approved counseling agency. This takes less than an hour and is free to you. This ensures that all of your questions about the program are answered completely and you are in full understanding of how the program works.

04. Do you have use for the extra money?

Why is this important? Obviously there is no reason to take out a Reverse Mortgage if there is no need for the money. Most people use the proceeds of a Reverse Mortgage to pay off bills, purchase long term care/life insurance, have extra income for everyday living expenses, home repair/remodeling, healthcare costs/medical expenses, prescription drugs, in-home care, financial/estate tax planning, lifestyle enhancements/travel and more.