If you don’t know what a reverse mortgage is, or if you qualify, please read our 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 or your spouse didn’t have a life insurance policy and now you’re on your own and 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 our article on advantages and disadvantages of reverse mortgages so you’ll be better informed.
Sandra Wellman is the owner of http://www.freefinanceinfo.org, a web site where you'll find over 50 articles on all aspects of credit, how to get out of debt, identity theft, refinancing, reverse mortgage information, student loans, auto loans and personal and business finance. There are also links to help you find the companies we refer to in our articles.
