Going through the articles on this website written and submitted by some seniors I was really surprised that some people had some negative things to say about reverse mortgages. For me reverse mortgage was the best thing to happen to me in my older years. A reverse mortgage loan was what saved me from moving into my son’s basement. Now I can fend for my self and also still remain in the comfort of the familiar surroundings of my home.
I think the problem is that many fail to fully understand the nature or structure of reverse mortgage loans. Now that you are at an age when you are most probably retired and thus have limited access to income you are faced with how to fend for your own needs without being a burden on anyone. Of course you can sell your home and then move to a much smaller or cheaper place, a home for the aged or even into your child’s basement. With a reverse mortgage loan you are spared all this unpleasant choices. You simply make your asset work for you. You have spent years trying to pay off your mortgage; now that you are older you can make the home work for you.
You do not need additional collaterals, you do not need to repay the loan, move out or bear the risk of losing the home while you are alive. The loan reverses the equity of the home and then you gain access to the funds based on a schedule and pattern that suits you. Like me you won’t have to move out of your home, you won’t have to be a burden to anyone and you can take care of your needs. Reverse mortgage loans are structured to benefit older seniors and I personally did benefit from it and would recommend it to anyone without hesitation.