5 Signs a Reverse Mortgage Is a Good Idea

5 Signs a Reverse Mortgage Is a Good Idea

InvestopediaWhy take out a HECM (reverse mortgage)? There are many good reasons, and some bad ones. This article from Investopedia lays out some of the good ones for why a senior citizen might want a reverse mortgage.

The main reason to take out a reverse mortgage is that your home equity is your biggest asset, you’re short on cash and you don’t have any other viable way to get the money you need for the expenses of daily life. This is not a decision to make lightly, though. It’s likely taken you years of hard work to accumulate your home equity and taking out a reverse mortgage means spending a significant part of that equity on loan fees and interest. Also, reverse home loans are more complex than regular, “forward” home loans – the kind you get when you buy or refinance a house.

5 Reasons to Say “Yes”

If the following five criteria describe your situation, a reverse mortgage might be a good idea for you.

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Note: This material is not from HUD or FHA and not been approved by HUD or a government agency.

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