Ask Terry Questions Reverse mortgage considerations

Reverse mortgage considerations

By Terry Savage on September 01, 2019 | Housing / Real Estate

Is it better to sell home after mortgage is paid off, or stay through old age and rely on a reverse mortgage?

Terry Says

That all depends on your personal situation.  If you think you can afford upkeep and taxes and all the issues related to living in a home in your later years, by all means consider a revrese mortgage (look for a new column on that subject coming soon).  But if you’re pretty sure you’ll be wanting to live in a senior community, or just an apartment without the hassles of home ownership, then don’t do a reverse mortgage because there are fees involved.  It really doesn’t make sense to do an RM unless you can envision (and home) you’ll be staying in your home for at least 8-10 years.



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