Reverse Mortgage - How to Know If it is Right For You
Seniors are the segment of our society most taken advantage of today. This disrespect to what should be our most highly thought of population comes from dishonest service providers, greedy family members and incompetent advisors. As a result, seniors are slow to give us their trust. It is no wonder that a product designed to help seniors and their families is received with so much skepticism. It is also why only a fraction of homeowners age 62 or older have even considered a Reverse Mortgage. The truth is Reverse Mortgages are not for everyone and are not a one size fits all solution for people who need extra money. If you are a senior homeowner how do you determine if a Reverse Mortgage is right for you? Let's break the question down into two parts to find the answer. First of all, do you need extra money to maintain a happy and healthy lifestyle? For some, this isn't an easy question to answer. For others it is a resounding 'yes!' Ask yourself how your life would change if there was extra money available to you. Only you can answer that question, but don't hesitate to discuss your situation with someone you have confidence in. Sometimes we are so accustomed to what we have that we don't realize what we need. An impartial advisor may help you see that you have overlooked an opportunity that would benefit you if you had the financial means. Consider your needs and remember this is your money to use as you wish. Secondly, if you do need extra money you'll want to know do you qualify for a Reverse Mortgage? Here are three qualifying questions. Are you age 62 or older? Do you live in the home you own? Do you have little or no mortgage debt? If you answered yes to all three questions, then there is a good chance you are qualified. If you answered no to any of the questions, it doesn't mean the door is closed to you, and even if you qualify for a Reverse Mortgage it may not be the right financial solution for you. A complete analysis and qualification requires the assistance of a trained Reverse Mortgage Consultant to review your needs and discuss your options. A few words of caution. If someone approaches you with an offer that sounds too go to be true, send them on their way. Don't leave your finances to someone that came to you unannounced. Ask the Reverse Mortgage Consultant you are working with for references and only work with someone you can trust. You will be required by the Federal Housing Administration (FHA) to complete a Reverse Mortgage Counseling session. You may do this before or after talking with a Reverse Mortgage Consultant, but the lender must receive your signed counseling certificate before you can get the loan. The counseling is for your education and protection. There are multiple agencies that provide Reverse Mortgage Counseling. Your Reverse Mortgage Consultant will provide the counseling agency contact information to you. "Is a Reverse Mortgage right for you?" is a question you should not take lightly. Take your time. Read the documentation. Most of all, ask questions from someone you trust.
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