NLIC.org

Robert Said:

Reverse Mortgage.??

We Answered:

There is good and bad on just about everything isn't there?

There are a lot of very good points for reverse mortgages. But there are some negatives too.

There are several points that borrowers need to be up to speed on. You've seen that lenders want you to get a reverse mortgage for many reasons. Borrowers need to consider many things as well.

1. CONSIDER ALTERNATIVE LOANS. Reverse mortgages can be an expensive way to borrow money. Get free counseling.
2. CONSIDER PUBLIC BENEFITS. Even though the proceeds are tax free they may impact on your eligibility for certain need based public benefits such as Medicaid and Supplemental Social Security Benefits. Get free counseling.
3. CONFUSING OPTIONS. There are many options available with reverse mortgages. Get free counseling.
4. SHOP AND COMPARE. Like anything you want to buy that is a big ticket item you really need to shop and compare costs and benefits from the myriad of lenders out there. Get free counseling.

At his age quite frankly he needs to consider if staying in the house is advantageous. How is his health? A nursing home may loom in the near future.

Start with the free counseling and find out what is best for him. Go from there. Good luck.


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