How to Find Out if A Reverse Mortgage is Right For You

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How to Find Out if A Reverse Mortgage is Right For You – This is a place for the community to provide tips and advice on How to Find Out if A Reverse Mortgage is Right For You. This topic was created by elisa lanciani and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Tip 1 - How to Know If a Reverse Mortgage Is Right for You

Published: 9 years, 3 month(s) ago | Submitted by rod sinclair | permalink

If you're of the right age, short on cash, and sitting on hundreds of thousands of dollars in home equity, reverse mortgages can be a sweet deal. But these loans aren't sure things. Here's how to know if a reverse mortgage is right for you.

For further reading: http://www.cbsnews.com/news/how-to-know-if-a-reverse-mortgage-is-right-for-you/ ^[1]

Tip 2 - How do I know if a reverse mortgage is a good idea for me? What should I consider before applying?

Published: 9 years, 3 month(s) ago | Submitted by Mark Wyllie | permalink

It’s usually a good idea to discuss important financial decisions with friends, family, or someone you trust. Here are some questions to consider before applying for a reverse mortgage: Is there another, cheaper way for you to achieve your financial goal?Before tapping into your home equity, see if you can find a way to lower your expenses. If you need extra money to cover living expenses, see if you qualify for a state or local program to low

For further reading: http://www.consumerfinance.gov/askcfpb/228/how-do-i-know-that-a-reverse-mortgage-is-a-good-idea-for-me.html ^[2]

Tip 3 - 5 Reasons to Avoid a Reverse Mortgage - US News

Published: 9 years, 3 month(s) ago | Submitted by Natalie Sturdivant | permalink

Watch out for these drawbacks of using a reverse mortgage to fund retirement.
Tags: retire, 401(k),retirement, planning, saving,FMF,LTMoney,mortgages, invest, investing,investing

For further reading: http://money.usnews.com/money/blogs/on-retirement/2012/12/11/5-reasons-to-avoid-a-reverse-mortgage ^[3]