Profile picture for Candie60

Question on Reverse Mortage. Is it a good deal for a preson 66 years old?

  • July 23 2010 - Opa-locka
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Answers (6)

Profile picture for the_country_hick
Do you really need the money to get by on?

If not, do not get a reverse mortgage.

If you have to have that money get one. Just be aware that the fees and charges can take a huge chunk of money from you. Since you will live there until you die and do not want to leave it to anyone it would not really matter. Just be aware they can foreclose if you do not keep the property up to their standards.
  • July 23 2010
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I agree with the others.  A lot depends on your situation, the current equity in your home, what do you plan to do with your home when you expire.  I looked into it myself and was disappointed in the amount of income I would receive from it.  That may not be your case.  I do know if you plan to leave that home to a family member it could be a nightmare for them to settle your estate and retain the home.  I certainly would recommend consulting both your financial adviser as well as an attorney before taking this leap.
  • July 23 2010
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if you have an accountant that you TRUST i recommend talking it over with her/him to decide if this is the best vehicle for you..
  • July 23 2010
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Profile picture for Candie60
My savings are nill, no dependants.
  • July 23 2010
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Profile picture for dennygiza
It can be good for some people. But understand that it is expensive. The older a person is the more money they will receive from a reverse mortgage. So if they have a good income stream now, it may be better to wait a few more years. Seek the advice of someone who's really knows this instrument.  
  • July 23 2010
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good morning...
if you have alot of equity in your home then you would be eligible for this program..
however, if you have a decent stream of income i do not recommend this
for you..
why are you considering this..?
Lisa
  • July 23 2010
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