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.
·
Your
company let you go before you were eligible for the pension plan.
·
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.
·
These
are your golden years and you would like to travel and travel well
and often, not a few budget trips.
·
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.
·
Social
Security isn’t enough to pay your bills with.
·
You
lost a lot of money in the stock market and your savings are
pretty small.
·
Your
children could use major financial help and your savings aren’t
that big.
·
You
have no children to leave your house to and your nieces and
nephews are well taken care of.
·
You
and your spouse didn’t have life insurance policies and now
you’re in trouble financially.
·
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.
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