Reverse Mortgage Considerations
Reverse Mortgage Alternatives
Before doing a reverse mortgage, you should examine the alternatives. This chart does a simple recap.
Using Savings Instead of a Reverse Mortgage
The most common advice is to spend down your assets before looking into a reverse mortgage. This shows a number of reasons why that may not be the best choice.
Now or Later
Should you do a reverse mortgage now or wait until later. With all things being equal, there is more money as you age. But all things are not equal.
2009 Update and Considerations
The FHA Limit is being increased from $417,000 to $625,000 as part of the American Recovery and Reinvestment Act of 2009 (Stimulus Bill). In general, this means more money is available in a reverse mortgage if your home is valued above $417,000.
Should I use a Reverse Mortgage to Allow Me to Defer Taking Social Security?
It is difficult for me to give you a yes or no answer. There are a lot of considerations. Let me start by giving you some information.