11
Reasons to Apply for a Reverse Mortgage Loan
by Sandra Wellman
If
you don’t know what a reverse mortgage is, or if you qualify,
please read my other articles first before proceeding.
Reasons
to get a Reverse Mortgage:
·
You
can’t keep up with your high medical bills.
Especially once you are older and you have paid most or all of
your house off. If you can't pay all your bills from your social
security, then why not use the equity in your home.
·
Your
company let you go before you were eligible for the pension plan.
Those are some greedy, mean people who do this. They don't
appreciate that you did a great job for the company for 24
years.
·
Your
children are financially sound, but you don’t have enough money
left after paying the bills to do anything fun or buy anything
that’s not a necessity.
Hey, you better live life while you can. So what if you use up
some equity in your house, you kids are already fine and
if they inherit a house with a little less equity so you can
have some fun, so be it.
·
These
are your golden years and you would like to travel and travel well
and often, not a few budget trips.
Go for it, live is short, enjoy it while you still have your
health.
·
Your
house is in desperate need of repair, but you don’t want the
additional monthly bill of a home equity loan or line of credit.
If you are older and can't afford to fix everything yourself or
pay for it, this is perfect for you.
·
Social
Security isn’t enough to pay your bills with.
Enough said.
·
You
lost a lot of money in the stock market and your savings are
pretty small. Don't worry, you got your house now, just stay away
from any more risky investments.
·
Your
children could use major financial help and your savings aren’t
that big. You are still alive and need a place to live, so why not
help them out now.
·
You
have no children to leave your house to and your nieces and
nephews are well taken care of. You've paid for it for 30 years,
why not use it.
·
You
or your spouse didn’t have life insurance policies and now
you’re in trouble financially.
This is a perfect solution.
·
You
retired early or had to retire for various reasons, but you
don’t yet quality for Social Security or want to wait a few
years to get a larger monthly payment.
Whatever
the reason is for wanting a reverse mortgage, be sure to read my
article on advantages and disadvantages of reverse mortgages so
you’ll be better informed.
|
