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7 Questions You Should Ask When Considering a Reverse Mortgage

Getting a reverse mortgage is a big decision. Therefore, it is important to have all the information about the loan. Here are the questions you should ask when you’re considering a reverse mortgage.

7 Questions You Should Ask When Considering a Reverse Mortgage

Why are my getting a reverse mortgage?

Think about your retirement goals and your current financial situation. How will a reverse mortgage help you in your personal and financial life? Our licensed specialist at Reverse Mortgage Answers will better customize a loan for you if they know the reason you need a reverse mortgage.

How do I intend to use the loan?

Having an idea of how you intend to use the loan will help you to choose the right reverse mortgage option. If you have an immediate need, you may benefit from a fixed rate that gets you a lump sum.

However, if you want to build an emergency fund or have access to money in retirement, and an adjustable line of credit that grows in value over time may be a better option.

Can I uphold my financial responsibility?

When you get a reverse mortgage, you must continue to pay property taxes, home insurance, and maintenance costs. When you are not able to do this, it may result in foreclosure.

Do I qualify?

The basic qualifications needed to access a reverse mortgage are: you must be above 62 y/o, own a home, and have enough equity in the home. If you aren’t sure about your home equity, give us a call. Our licensed professionals are always ready to assist.

How much do I qualify for?

For a more accurate estimate of how much you qualify for, call a licensed reverse mortgage specialist. However, you can get an estimate using our online reverse mortgage calculator.

Do I know the myths and facts surrounding a reverse mortgage?

There are quite a number of reverse mortgage myths out there, and you should know the facts too. Here are some facts you should know; you remain the homeowner and reverse mortgages are not a loan of last resort.

Who should I work with?

When it comes to decisions relating to your finances, you need a company you can trust – a company with years of experience. Reverse Mortgage Answers works with you every step of the way to ensure he you choose the best option for your retirement and financial goals.