Why Consider a Reverse Mortgage?

by Nancy Woodward

There are so many reasons for you to consider creating a reverse mortgage. You could create a major list if you choose to do so. I believe there are some very valid reasons to do so such as:

1. Supplement your income. Many retired folks reach a point of needing more money to keep up with the cost of inflation.

2. Of course your income may be insufficient to maintain a minimum quality of life lifestyle.

3. Pay off debt. Your debt level needs to be low to non-existent when you retire.

4. Pay property taxes. Rising property taxes are an issue for working folks so..

5. Medical Expenses. Unforseen medical expenses or rising medical expenses will drain your income.

6. Health Care - in your home. Should you reach a point of needing daily help to stay in your home, you may need a greater income to maintain this expense.

7. Home repairs and/or home improvements. You must keep your home in good shape to avoid larger expenses to repair deterioration. A new roof or other capital repair may need to be financed.

Okay, they are the reasons I would consider getting a Reverse Mortgage. There are an unlimited number of reasons, some of which, I just would not consider:

1. Travel

2. Vacation home purchase

3. Helping relatives and friends financially.

4. To pay for luxuries.

You can make your own decision for your reason. I suggest that you carefully investigate all the posibilities before you sign mortgage documents. It is always advisable to do your due dilligence.