The Finance Blogger


Questions about a Reverse Mortgage Loan

Reverse Mortgage LoanWe received a question about a reverse mortgage loan from a reader and will answer his questions in our next post. Many people have probably seen advertisements on TV and in the newspapers about reverse mortgages, so this is very timely. They are aimed at seniors primarily who generally have a lot of equity in their homes and do not want to move. They are struggling to make ends meet and could use some of this equity to make them more comfortable in their retirement years.

Question to Debt Counselor re Reverse Mortgage Loan

My wife and I are retired, living on a fixed income and finding it a bit difficult to live on our pension income. We are looking for suggestions about reverse mortgage loans and how to take advantage of the equity in our home and be able to enjoy life a bit more while we can. There is also some concerned about losing our home should we use all of the equity and also signing it over to someone. We really would prefer to stay in our home and avoid having to move to an apartment. We thought that maybe a reverse mortgage loan might be the right approach for us.

Do you currently have a mortgage? :: No we do not have a mortgage or any other debts at this time

Home/Mortgage Loan Amount :: $00.00

Other Loans, Including Credit Cards:: None , credit cards all carry a zero balance.

Are you employed and for how long:: Retired , living on a fixed income pension

Your credit rating to be – excellent, fair, or bad? :: Excellent

Gross Amount Per Paycheck :: $4000 a month combined pension income for my wife and I

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure

Extra information here please (some detail)::

The income we have on pension is sufficient to live on comfortably. We would really like to enjoy a few trips and do something special for our wedding anniversary. The trips we want to take will cost quite a bit and we will have to borrow the money to go on this trip, so this is why we think that a reverse mortgage might be the right solution for us.

We also have some other savings, but do not want to touch these savings, since they are generating interest income which we live on and it is also our safety net in terms of an emergency fund should we need it.

If there are other ideas or solutions that you can provide, please advise.

 

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post. For more online mortgage information, click here.

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