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/< /a>

    Composite Credit Report Score Simplifies Mortgage Issues

    Do you want a mortgage loan for your new home? Trying to qualify for a... Read More

    Save Money on Your Mortgage

    You should say goodbye to PMI. You may not notice it in the crush of... Read More

    6 Things to Consider Before Refinancing

    Perhaps you're a homeowner in need of some quick cash.Maybe you want to consolidate your... Read More

    Home Equity Loan ? Beware of the lingering lien!

    A problem that often arises when people try to refinance their home is the discovery... Read More

    Revive Mortgage Tenure With Extend Loan Term Remortgage

    You are comfortably wedged in a mortgage deal, paying the standard rate of interests year... Read More

    A Mortgage and Bank Trick You Should Avoid at All Costs

    Once you've purchased your home, you will begin to get correspondence from your lender about... Read More

    Home Equity Loans Company ? 7 Key Questions to Help You Choose One

    Choosing the right home equity loan can be tricky; you have to consider interest rates... Read More

    How I Became a Hard Money Lender

    Unlike other investors, my venture into real estate was a natural extension of my secondary... Read More

    Mortgage Loan Most Bankers Wont Give May Be Exactly What You Need to Buy or Refinance Your Home

    A few years ago, a loan officer who worked for me was having a problem... Read More

    What Your Mortgage Lender Is Not Telling You About Accelerated Mortgages

    For years, mainstream banks and financial advisors have been recommending that you pay extra cash... Read More

    VA Loans, A Gift from Uncle Sam

    Uncle Sam has a gift for the men and women who serve our country. It... Read More

    Tips For First Home Buyers On Getting Home Loans

    Buying your first home will likely be the biggest and most important purchase you will... Read More

    Home Loans for Credit Challenged Borrowers

    Just because you have negative items on your credit report doesn't mean you can't obtain... Read More

    Need a Mortgage, Refinance or Equity Loan? Learn What it Takes, Before Applying

    Do you know what it takes to qualify for mortgage and refinance loans? There are... Read More

    Home Equity Loans - How To Use Your Homes Equity to Consolidate Debt

    If you've got a wallet full of credit cards, and monthly payments on them that... Read More

    For Mortgage-Refinance Help, Get the Best Mortgage Professional, Not a Bank Loan Officer

    When you need a mortgage -- either because you are buying, refinancing, taking out equity... Read More

    Home Equity Loans ? Research Your Lender Carefully

    Real estate prices are rising across the country, and Americans are tapping into their home... Read More

    Student Home Purchase Plan

    Tuition costs are climbing, housing costs are climbing, it seems like all the costs for... Read More

    Home Loans and Mortgages ? Time to Consolidate Loans?

    Home equity loans and lines of credit are useful tools for homeowners. They allow the... Read More

    Residential Mortgages ? a Step Ahead on the Property Ladder

    Doesn't Residential mortgage give the impression that they are a different breed of mortgages? They... Read More

    Mortgage Broker or Assassin? A Banker Who Offers You This Loan May be Trying to Kill You!

    What if a banker or mortgage broker told you he's loan you 25 percent above... Read More

    Bad Credit Home Loans - Pre-Approval is Still Possible With Adverse Credit History

    If you are among the millions with less than perfect credit, there are many sources... Read More

    Helpful Mortgage Advice

    Mortgage advice overwhelming you? Many people get advice from everyone on the planet when they... Read More

    Mortgage Debt Elimination

    The prospect of mortgage debt elimination is something that many Americans are dealing with today.... Read More

    Understand a Real Estate Appraisal

    Happy New Year. Make a difference this year. "Pay it forward" as in the movie.... Read More

    Home Loans: What You Should Know!

    Finding home loans can be a daunting task, whether you're a first time home buyer... Read More

    How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage

    When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior... Read More

    Home Equity Loans in Texas

    A few notes of importance: This only applies to a homestead property, that is... Read More

    What Are Mortgage Brokers And Why To Use One

    "Mortgage" is formed from two words: the French word "mort" meaning "dead" and the word... Read More

    Do Your Homework - Find the Mortgage That Fits Your Lifestyle and Your Budget

    You've been looking at houses for months, and finally you've found it--the house that's just... Read More

    5 Things In Selecting The Best Mortgage - You Should Know

    Your goal is not only to find the best rates and programs, by searching through... Read More

    Buying a Home With Bad Credit - Why a Recent Bankruptcy Will Not Stop You From Getting Approved

    Buying a home with bad credit is possible with the help of a subprime lender... Read More

    What the Bank Won?t Tell You About Mortgage Refinancing

    So you have a mortgage, and you need to refinance to get your interest rates... Read More

    An Infinity Mortgage?

    Here in Spain the concept of a mortgage period of 20 or 25 years is... Read More

    Are Biweekly Mortgages Really Worthwhile?

    You may have heard people, especially mortgage lenders, extolling the virtues of biweekly payments, saying... Read More

    Florida Refinance - Refinancing in Florida

    The decision to buy a home in Florida can be one of the best you... Read More

    Home Buying ? What Can You Afford?

    Okay, you've decided to buy a home and are trying to figure out what you... Read More

    Home Mortgage Loan Pre-Approval Online ? Keys When Applying For A Mortgage Online

    Applying online for a mortgage is very fast and easy. Just make sure of a... Read More

    Kingsland Saint Marys & Kings Bay Real Estate - VA Mortgage Information For Home Buyers

    A VA guaranteed mortgage is the usually the best way for active or inactive veterans... Read More

    Mortgage Refinance - Tips to Help You Cut Fees and Costs

    Saving money through a mortgage refi is more than just finding the lowest interest rates.... Read More

    Ending Your Private Mortgage Insurance Early

    Private mortgage insurance, or PMI, is the safety net of the lender. PMI benefits lenders... Read More

    Home Equity Loans: A Useful Financial Tool

    The investment need of an individual varies with time. Thus the need to buy a... Read More

    Financing the Purchase of Foreclosed Homes

    Homes that have been foreclosed can be one of the most economical ways to get... Read More

    What Are Home Equity Loans?

    A home equity loan is simply borrowing on the difference of the value of your... Read More

    Fixed Rate Mortgage vs. Adjustable Rate Mortgage

    The most basic distinction between types of mortgages that are available when you're looking to... Read More

    Save Time With a Bridge Loan

    Why You Need a Bridge LoanYou have to move fast in today's housing market if... Read More

    Mortgages - Which Loan is Right For You

    When buying a home, you need to take a home mortgage loan, either because as... Read More

    Home Equity Loans

    Home equity loans are a popular way for homeowners to borrow money using the equity... Read More

    Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage

    Refinancing your home mortgage can come with some great perks. If you do it with... Read More

    How to Find the Lowest Rate Possible!

    The quest is on! You're in the market for a new home loan, a refinance,... Read More