REVERSE MORTGAGES AND CIRCUMSTANCES THAT MAKE IT A GOOD FIT

reverse morgage articleREVERSE MORTGAGES AND CIRCUMSTANCES THAT MAKE IT A GOOD FIT

 

Through a 3rd party, I learned that a homeowner was trying to sell but was unable, at this time, to sell it for the amount she needed to make in order to move on. She is presently considering a reverse mortgage. The first question I would ask her is "What was your original motivation for moving?"

Because first and foremost, to consider a reverse mortgage, there needs to be a good reason to stay in the home. Is it the perfect size? the perfect neighborhood? Will it allow you the quality of life you're looking for in your advanced years? Is the home maintenance and related costs within reach? Are the property taxes reasonable?

If any of the answers to the above questions is "no," then a reverse mortgage is not for you and your initial decision to move may be the more well-thought out of the two choices.

Reverse mortgages can still be costly:  loan origination fees, appraisial, mortgage insurance premiums, and typical closing costs like title search and a survey, but, even worse, they can just be wrong for a person's needs and keep them chained to a situation that is best altered.

If the reverse mortgage option is the one for you, understand that it can be a good way for those 62 and over to access their home's equity. You can receive a lump sum, monthly payments or a line of credit. Payback is not due until the home is sold, or the homeowner moves or dies.

 

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Long Beach, NY sunset

 

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ABOUT THE AUTHOR: Graduate REALTOR Institute 

Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
 
 

Jill Sackler

 

 

  

     Specializing in Lifecycle Real Estate Transitions

"When your family doesn't fit your family home, I can help."
 
 
 
 
 
   
   

   

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©Jill Sackler 2010
 

 

Comment balloon 9 commentsJill Sackler • November 15 2011 10:03AM
REVERSE MORTGAGES AND CIRCUMSTANCES THAT MAKE IT A GOOD FIT
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REVERSE MORTGAGES AND CIRCUMSTANCES THAT MAKE IT A GOOD FIT Through a 3rd party, I learned that a homeowner was trying to sell but was unable, at this time, to sell it for the amount she needed to make in order to move on. She is presently… more
AAH! THE OLD NEIGHBORHOOD!
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AAH! THE OLD NEIGHBORHOOD Many years ago, my husband and I bought a unit in a Homeowner's Association. We lived there for a total of 9 years. We were happy there for a total of 3, after which, we couldn't wait to get out. It was brand new and… more