Reverse mortgage advice
Am 81yrs young. Been checking the viability of selling my house and renting. Max rent is $2000. Home is paid for except for small balance on my equity line of credit. I would have the proceeds from sale for living expenses. Nothing I’ve seen really suits me. I am thinking about reverse mortgage but know not much about them. What is my best resource for the absolute truthful info about the Reverse Mort. and how do you feel about them. Thank you Terry!!
Terry Says
Well, this is a very personal question. I did a RM for my Dad, and he lived in his oceanfront condo until the week before he died at age 94. Of course, I was there to help him out with unexpected expenses like the assessment for new elevators, etc!
Part of doing a reverse mortgage involves your plan and ability to stay in your home for the long term, and to pay for those expenses, and taxes and insurance.
To learn more go to www.ReverseMortgage.org. This site is full of information about reverse mortgages.
And you must receive independent counseling before entering into a Reverse Mortgage. ARRP is one of the approved counselors, so read this:
https://www.aarp.org/money/credit-loans-debt/info-2019/reverse-mortgage-loan-advice.html
