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
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.
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