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Reverse Mortgages: When Is One Right For You?


How do you know if a reverse mortgage is right for you? The answer depends on your current financial situation of course.

But other factors such as your medical condition and lifestyle are important in determining whether or not a reverse mortgage is your best choice compared to a home equity loan, a line of credit, or just selling your home.

A reverse mortgage might be worth your consideration in many situations. Some of the common reasons you might get a reverse mortgage loan are if:

  • You have a small first mortgage
  • You own your home free and clear with no debt
  • You need regular income to live on and your home is you major asset
  • You want to stay in your home and have no intention of leaving it
  • Other housing options are unaffordable or not appealing to you
  • You want to be able to take care of major medical expense
  • You want to be able to do home repairs, travel, or help your children
  • You don't plan on leaving your home to your heirs through inheritance
  • You want to relax by knowing that your financial needs are taken care of

A reverse mortgage is not for everyone. You may want to avoid a reverse mortgage if you answer "no" to any of the following questions:

  • Will you be able to enjoy the money from a reverse mortgage knowing that the debt on your home is rising and your home equity is falling?
  • Can you continue to pay for property taxes, home insurance, and any home maintenance which will still be required as part of your loan agreement?
  • Can you handle financial burdens if your home equity is partially or completely used up?
  • Do the advantages of owning your home outweigh the disadvantages now and in the future?
  • If you do not get a reverse mortgage do you know what your other options are?
  • Do you understand clearly the terms of your reverse mortgage and the costs involved in obtaining a reverse mortgage loan?

As you can see, there are a number of factors to consider and questions to ask before you can determine whether or not a reverse mortgage is right for you.

Allen Daniels offers a Free Online Video about Reverse Mortgages that shows you How to Cash in With Reverse Mortgages. You can view the video at http://www.ReverseMortgageTips.com/


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Thu. June / 27 / 2019


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Several closely watched refinance rates slid lower today. If you're shopping for a refi, see how your payments might be affected.


Your money: Buying or refinancing? The mortgage rate frenzy is back  Reuters

Mortgage rates are nearing historic lows again in the United States, making it an ideal time to buy a home - or refinance.


Mortgage rates poised to drop after Federal Reserve announcement  The Washington Post

Mortgage rates showed little change heading into the Federal Reserve meeting. But now that the central bank has revised its stance, they could be headed ...


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Several closely watched refinance rates fell today. See what that means for your chances of getting a better mortgage rate.


As mortgage rates plunge, should you refinance?  Fox Business

Nearly 6 million people can now cut their mortgage payments with refinancing.


Buying or refinancing? The mortgage rate frenzy is back  STLtoday.com

Average rates are around 3.82% nationally for 30-year-fixed mortgages, after peaking near 5% in November.


Nearly 6 million people can now cut their mortgage payments with refinancing  Bankrate.com

The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate -- two ...


Mortgage Rates Drop Again -- Homeowners Can Save Hundreds Per Month By Refinancing  Forbes

Mortgage rates are continuing their downward spiral. According to Freddie Mac, the average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down ...


Applications for mortgages, refinancing spike amid low interest rates  Fox Business

Amid the lowest mortgage rates in almost two years, overall mortgage applications swelled last week by nearly 27 percent according to data released ...


U.S Mortgage Rates – Rates Rise for the 1st Time in 7-Weeks  Yahoo Finance

30-year fixed mortgage rates rose for the 1st time in 7-weeks. The latest FOMC projections and rising geopolitical risk could reverse that with interest…


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As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.


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Mortgage applications were down 3.4% from the previous week, but still up 31.6% from a year earlier, according to the Mortgage Bankers Association.


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Mortgage rates are low as of this writing, really low, but can they go lower? Lower rates would be great for borrowers and yes, that could happen.


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Refinance rates were mixed, but one key rate were higher. If you haven't locked a refi yet, see how your future mortgage payments could be affected.


When Mortgage Refinancing Makes Sense  Seeking Alpha

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Dear Jim,. We purchased our home over four years ago and our equity has grown substantially over the years. We would like to refinance and pay off some ...


Five housing and mortgage trends for the rest of 2019  Star Tribune

Mortgage rates fell in the first half of 2019, the opposite of what the experts had predicted at the beginning of the year. It is welcome news for home buyers, ...


4 Student Loan Refinancing Myths Debunked  NerdWallet

Student loan refinancing isn't a scam. To help you decide whether refinancing is a good option for you, we're addressing four common misconceptions.


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Mortgage market update 6-21  Atlanta Agent magazine

... from the previous week, according to the Mortgage Bankers Association, which was perhaps unsurprising considering the earlier report's record-high levels.


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Refinance rates were mixed, but one key rate floated higher. If you're shopping for a home loan, see what that means for you.


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Refinance mortgage rates mixed for Thursday  Bankrate.com

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Refinance mortgage rate drops for Friday  Bankrate.com

Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected.


Refinance mortgage rate slides for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.


Refinance mortgage rates mixed for Saturday  Bankrate.com

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Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes  Credible News

Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.


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