What are the pros and cons of an elderly couple doing a reverse mortgage?

We are in our mid sixties. Would it be advantageous to do a reverse mortgage?

Responses:

Mid - sixties is a little on the young side. The optimal age for a reverse mortgage is 74 - 76. The key is to remain in your home as long as possible to amortize the high upfront costs. If the loan terminates due to death, moveout, etc within 5 - 7 years, you will have paid a very high price. This is the biggest disadvantage. A recent HUD study shows that most HECM home equity conversion mortgages reverse mortgages are terminated within seven years. The big advantage of reverse mortgages is that in the right circumstances you can access home equity for the rest of your life to help with retirement costs and not have to worry about making monthly loan repayments. Here's a summary of what several well - known personal finance experts think about reverse mortgages which may be useful to you: reverse - mortgage - information.org / what - experts - are - saying - about - reverse - mortgages / Cheers
you have 2 great answers. i agree with both. if your home is 2 much for you. lawn, taxes, roof, etc. sell and buy a condo and enjoy your own cash
Without knowing the specifics of your needs, your health history, your home, and your desires as far as what you want ot leave to whom after you p away, none of us should answer you. You should see an estate planning attorney. He or she can help you not only plan for your financial future, but also make sure your desires as to inheritence and your own physical care are obeyed. It can be a terrifying thing to do, but you should do it to make it easier on both your spouse and your children when you p. A well thought out estate plan is one of the best gifts you can them
Where are you located? I know people who specialize in this field and can answer any questions you may have. I personally think this is a wonderful loan. I was very happy to hear that this is available. This loan helped many people. Please go to mortgageloanquick.com
If you know for sure you will not be moving, if you want to spend the rest of your life in this home, if you are not planning to leave this house to anybody - why not? Why do you need to keep paying for your home instead of getting a payment? And if your place is paid off, even better larger payments. Of course if your place is paid of and you have huge equity, you can sell it, move to an apartment and enjoy the money. But, as I said, if you want to stay in your home, a reverse mortgage is definitely something to consider. Lets be honest, why would you care if the bank takes your home AFTER BOTH OF YOU are gone? Let them have it at that time and you get additional income now and for MANY MORE YEARS you will be living in your home! If you do a reverse mortgage now, nobody can take your home from you until BOTH of you are gone which is LONG way down the road. Of course, sit down with a professional from a very reputable bank and discuss every little detail. Then ask questions and then ask more questions, and then ask more questions until you understand how it works completely. And then consult your accountant and then go for it, if YOU feel comfortable. I am planning to do it, when I am your age
For Pete's sake - you are in your mid sixties. that's not elderly!

Tags: home, reverse, mortgage, youll, years

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What are the pros and cons of an elderly couple doing a reverse mortgage?

we are in our mid sixties. would it be advantageous to do a reverse mortgage?. if you know for sure you will not be moving, if you want to spend the rest of your life in this home, if you are not planning to leave this house to anybody - (reverse mortgage)

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basically, a company takes the equity you have in your home and begins to make payments to you on a monthly bases. there are many pros and cons to this although i am not sure of. hello, . a reverse mortgage is a loan that enables senior homeowners, age 62 (reverse mortgage)

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i am a us homeowner. instead of refinancing, i wanted to explore the possibility of a reverse mortgage. all i have seen so far is that this is only good for homeowners aged 62 or more. is there a company that provides reverse mortgages for those younger than 62?. have (reverse mortgage)