Sense & Centsibility Blog
Would you want your mom to have a reverse mortgage?
Wednesday, April 13, 2016 - 05:56
As a reverse mortgage counselor I get that question all the time. Of course there is not a simple yes or no answer to the question because whether or not a reverse mortgage is a good fit really depends on the financial and lifestyle goals of the potential borrower. So I would want to have a conversation with my mother about what her needs and goals are. If my mom came to me and said “should I get a reverse mortgage?”, here are 3 questions I would ask her.
How long do you want to live in your home?
How does the budget look?
Are you okay with giving up equity?