Is a Reverse Mortgage the Way to Go? I mean what benefit is a Reverse Mortgage Really? I use to think it was an awesome way to have security whey your older. You spend your life buying your house and when your older then you can use your house to support your life.
The thing is who knows when your life will end and we want to live Right ?
With a Reverse mortgage, there is nothing paid on the principal of your loan. So the interest ads on top of the loan, and it does this over and over, month after month, year after year. In this your home Equity is eaten up pretty fast and you are out on the street.
This works GREAT for those giving you the loan, they get to use up your equity very fast and move you on out, then sell your home. Or even it does last until your passing, your heirs are left with not much of anything.
In my Opinion, as a Real Estate Broker owner from what I have seen, Studied and Read, I would say it is better to get a line of credit, or a home equity loan to live on and use it to make payments. This way you are not just letting it add on top of itself and in a sense pressure you to get busy dying.
I want you to live, this is your hard earned equity. If you don't want to move please research other options, all those ads targeted at YOU are not for your benefit. Selling may be the best option then you can use your money for rent and a nice life. You may also find a buyer at the right price who will give you a life estate, so that you get the money but get to live there the rest of your life. Even if you give the buyer a really good deal it is better then the Stress and Deadly affects of a Reverse Mortgage.
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Knowledge is Power.
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Crystal L. Cox
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Broker Owner
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no Nonesense Real Estate Advice.
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