
One of the things I hear people say who I know could really use the reverse mortgage but just can't get off the fence is "We're not to that point yet". What I always ask is, "what point do you mean". It seems that many people think the reverse mortgage is only something for the destitute, or those without another choice available to fix some sort of personal financial meltdown. This however is not the case! I have done many reverse mortgage loans for people with paid off homes and large monthly incomes who just want to be in control of their biggest asset, not the market! Besides, to quote the NCOA article; "If you wait until you are in a financial crisis, a little extra income each month probably won’t help. Reverse mortgages are best used as part of a sound financial plan, not as a crisis management tool."
Along with a reverse mortgage there are many other programs and benefits that you can qualify for to help with day to day needs. This can be help with anything from property taxes, food and medications, to home energy. You can visit http://www.benefitscheckup.org/ to find out more.
Tomorrows blog post will discuss another myth mentioned in the NCOA's article. Stay tunes to see if the fixed rate reverse mortgage is always the best way to go...
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