‘Reverse mortgages’ explained
If you answer ‘NO’ to any of these questions, a decision in favour of a reverse mortgage may be premature, impractical or ill advised for you at this stage:
(1) Do the benefits of home ownership clearly outweigh the burdens, now and in the foreseeable future?
(2) Can you relax and enjoy the money from the reverse mortgage, knowing that debt is compounding against the value of your home?
(3) Can you accept full responsibility for home maintenance, taxes, and insurance, given that failure to meet these obligations could authorize the lender to request full repayment of the mortgage debt?
(4) Can you manage financially if the home equity is substantially or completely used up, and/or if you need to move into alternative housing?
(5) Do you know precisely what your alternatives are if you do not arrange a reverse mortgage?
For more information, with No Obligation, on the alternatives to a Reverse Mortgage, please contact: Ken MacCoy, CHS