I have heard the term reverse mortgage a lot, in fact a year or so ago my aunt actually thought about getting one. That was when I first began trying to understand more about what it was and how it works. Recently I discovered a website that really tells me everything I need to know about a reverse mortgage in terms that I can understand.
Right now this is not something I really need to think about but it is always good to have the facts just in case I need one as I get older. If you are familiar with it a reverse mortgage is available to homeowners 62 years or older and allows you to stay in your home while generating an additional income. I didn’t know that you should meet with a HUD counselor before you can apply. However I think this is a great idea. That way all of your concerns and questions can be answered.
The process after that really doesn’t seem to different from a regular mortgage. Which actually is a process I have been through a couple of different times. Actually I wish I had known about a reverse mortgage a few years ago when my mom may have been able to benefit from it. Live and learn I guess!
I am not opposed to having a reverse mortgage in the future if I find that it is something that I need. After all we never know what the future may hold or what I may need. I just like knowing that it is an option for me. It makes me feel better to know that there may be a little money in my later years and that the purchase of a home can truly be a wise investment. After all years from now I may need to pay for a hip replacement and not have the insurance coverage to take care of it.
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We have actually talked about this. We are some years out from really considering a reverse mortgage, but I am also glad to know this exists.
Thanks for the website. I have not considered this for myself, but my mom is in a position where this may possibly work for them. I think talking to a HUD counselor or other financial advisor when facing any big decision is critical. It’s important to understand all the implications, pros, and cons.
I know a reverse mortgage is an important retirement strategy for some families. Of course the downside is that you don’t leave as much for your kids, but if it’s a choice between that and meeting your needs comfortably while you’re still around, it’s an obvious choice. So few people are actually able to save what they need for retirement.