Ask Terry Questions Reverse mortgages

Reverse mortgages

By Terry Savage on December 14, 2022 | Housing / Real Estate

Hello. My husband and I are 74 years old, and the balance on our mortgage is $165 thousand. With approximately $62 thousand in escrow. We pay 3.75% interest. Would a reverse mortgage be wise?

Terry Says

Absolutely not. You have a great low mortgage rate. Stay there as long as you can and keep paying on your current mortgage. YOu don’t have enough equity in your home to do a reverse mortgage. The fees would kill you. If you can’t afford the mortgage, property taxes, and insurance then you’ll need to sell and move to a smaller home, a senior community, or rent.



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