Reverse Mortgages aren't for every homeowner aged 62 and over.
How do you know? Don't get cash from your home using a Reverse Mortgage if...
1.
Your home is completely paid for and you want to leave it 'free and clear' for your heirs.
2.
You have ample money to live comfortably and meet all your financial needs in retirement.
3.
You believe in the myth that the bank gets your home after you die.
4.
Your health insurance will cover all your medical expenses for life.
5.
Your grandchildren already have their college tuition fully funded.
  However, you may want to consider the possibility of using a Reverse Mortgage to get cash from the equity in your home if...
1.
You still have a mortgage and no longer wish to be burdened with monthly mortgage payments.
2.
You want to remain in your home but don't have the means to cover all of your expenses, or to make home repairs and improvements.
3.
You don't want to relocate to a more affordable place by moving away from family and friends.
4.
You never took the vacation to (fill in the blank) and now you have the chance.
5.
The kids said it was your money to spend and enjoy.
  Now you know 5 reasons 'against' and 5 reasons 'for' getting a Reverse Mortgage.
What you need to get from this article is this...
  Everyone has a reason for or against getting a Reverse Mortgage.
Don't use somebody else's reason to make your decision.
Instead, you need to determine if you need extra cash to support your retirement and then investigate the facts about Reverse Mortgages to see if they are right for you.
Discuss your decision with family and trusted advisors before inviting a lender into your home.
  Here are some Reverse Mortgage facts to help get you started: * Homeowners age 62 and older qualify without income or credit checks.
* The bank pays you monthly, in a lump sum, or you can get a line of credit (or all three).
* You retain ownership of your home for you and your heirs.
* You don't make monthly payments.
* The loan is paid back when you leave your home permanently.
  You'll need a trained Reverse Mortgage Consultant to calculate your Reverse Mortgage benefits and to answer any other questions that will arise.
Get a referral from a friend or other advisor.
Don't be bashful to ask for references.
Do know that the equity in your home is yours to use as you wish.