Is doing a reverse mortgage ok? I am 71 and need to do some repairs.
I was looking into getting a reverse mortgage look into some companies and found complaints with BBB. Do you have any recommendations?
Terry Says
You’re wise to look into the company that you’re doing business with. My suggestion is to go to www.ReverseMortgage.org and search for lenders in your state. Those are all approved.
Do you know that independent counseling by an approved agency is required for any senior taking out a reverse mortgage? They will tell you that you should really consider how long you plan to stay in the home — and how you will pay for future improvements, or maintenance, and taxes. Maybe this is the time to sell the home and move into senior living where you have no issues around maintaining your home.
I have nothing against Reverse Mortgages. In fact, I did one for my father who recently passed away at age 96. It was a great deal for him. (But only because I subsidized all his other expenses with the condo!)
