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11 Reasons to Apply for a Reverse Mortgage Loan

by Sandra Wellman

 

If you donít 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 canít 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 donít have enough money left after paying the bills to do anything fun or buy anything thatís 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 donít 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 isnít 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 arenít 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 didnít have life insurance policies and now youíre in trouble financially. This is a perfect solution.

   You retired early or had to retire for various reasons, but you donít 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 youíll be better informed.

 

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For information on companies offering reverse mortgages, refinancing and home loans, please visit our resource page, link below.

Disclaimer: While we do our best to bring you the most accurate information available, each country and company has different rules and policies. You should always check the policies and procedures of the companies you do business with before making important decisions. We will not be held responsible for actions you take on your own. If you are not sure what to do to help yourself, please seek the advice of a licensed professional. Some links on this site are affiliate links where compensation is received when a sale is made.

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