A Reverse Mortgage
There are several guides that do a good job at that. Rather, the focus here is to provide a 7-point self-assessment to help you determine whether a reverse mortgage makes any sense at all for your particular circumstances.
- Am I the right age for a reverse mortgage?
- How long do I expect to stay in my home?
- How long do I expect to live?
- How much additional income do I need?
- How much equity do I have and how much can I borrow?
- Have I considered other options?
- How important is it to me to leave an estate?
If, you go through this self-assessment and determine that reverse mortgages may be right for you, you’ll still have work to do:
- Decide which type of reverse mortgage is best for you
- Decide which payment option to choose
- Go through required counseling and make application
source: reverse mortgage information
