Considering a Reverse Mortgage
- Posted by admin on March 12th, 2008 filed in Reverse Mortgage Info
Dear Bruce: I am 70 years old, work part time and am considering a reverse mortgage. I do have a small nest egg put aside. I have studied the pros and cons of a reverse mortgage, and my conclusion is that it seems to be a nice way to cap extra money for my “twilight” years for travel and fun. My heirs will still receive a handsome inheritance. I read your column often, and I would like your response. What would you do in my position? - M.I. in Pennsylvania
Dear M.I.: I have no problem with a reverse mortgage. It’s nice that you want to spend some money on yourself. You haven’t told me, though, how much your home is worth. You are also a little on the young side for a reverse mortgage, so you probably will only receive 50 percent to 60 percent of the value. If there is equity left after retiring, the obligation upon your death will go to your heirs. The idea of spending that money for travel and other fun-related activities makes great sense to me.
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March 13th, 2008 at 5:23 am
Reverse mortgage is a great thing that has happened for the elder citizen and the best thing is that no obligation will go to your heirs. Best of luck on your tour M.I.
Jonathan
March 18th, 2008 at 12:58 am
its nice to see someone who understands how a reverse mortgage can help make life more comfortable. To often people knock them just because they are worried about who gets the house when they go… I think traveling is something everone should do and if a reverse mortgage can help then all the better…
Rogan McGillis
http://www.reversemortgagecity.com/blog