Moving is not a first choice for most seniors. It is hard to move if you have lived somewhere a long time. The memories run deep, and moving just may not feel right. On the other hand, sometimes it is the right choice. As an example, a widow living in a rural home with 3000 square feet on a couple acres, and all her family is too far away to help with the chores may need to find a smaller more convenient location to live.
The stress of moving can feel overwhelming. But sometimes it is inevitable. When it is decided that moving is the best option, you can purchase your next home with a reverse mortgage. Once your home is sold, or if you have enough cash on hand, you can actually buy a home with a down payment and have no monthly payments for as long as you live there.
Do Not Change a Thing
If your finances are in order and you are able to save money every month while living a healthy retirement, a reverse mortgage may not be a good fit for you. After all, not everyone needs a reverse mortgage. A great retirement income and no financial worries is a great reason to NOT do a reverse loan.
Ask your heirs for help
When heirs think that your home is really theirs, they could attempt to keep you from getting a reverse mortgage. This is usually because or the incorrect belief that you will lose the home if you do it.
There is a good solution to getting help and still being able to pass on the home to your heirs. Let them assist you with the monthly expenses, and then they can inherit the home. Another alternative would be to sell them the home using a life estate. this would help out your budget, but also pass the home to the rightful heirs.
If the thought of asking your heirs for help is out of the question, take a second to see you alternatives. Your home is your savings account and can be used to help your retirement. Whatever equity is left when you are done using it will then get passed on to your heirs.
Hopefully, you now know there are alternatives to a reverse mortgage. Compare your needs and options to see if a reverse mortgage is a good fit for you. Once you are comfortable with it, it will be time to move forward with the process.
Author Resource:
If you want to explore the pros and cons of a reverse mortgage , or in case you would just like far more reverse mortgage information , head to our website at http://www.redwoodreversemortgage.com. You will discover solutions to many of your basic questions there.
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