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The 5 Most Important Questions to Ask to Determine if a Reverse Mortgage is Right for You

08-09-2022About Mortgages

We’ve been getting a lot of questions lately about reverse mortgages. Our recent blog post is a great resource for presenting the essential features of a reverse. The purpose of this article is to boil-down the most important lifestyle factors to consider when evaluating a reverse mortgage.

1. Do you love your home?

This is the essential question you should ask when you’re trying to decide if a reverse mortgage is right for you. Do you want to stay in your home? If you want to stay put, a reverse mortgage might be right for you.

2. Is the home suitable for you?

Do you have trouble going up the stairs? Are the grounds too much to maintain? If accessibility or safety is an issue that cannot be resolved with a little remodeling, the home (and the reverse) might not be suitable for you. 

3. Is your fixed monthly income sufficient for your quality of life?

If you have a significant pension or retirement income every month and it’s plenty to sustain your quality of life, then a reverse mortgage might not be necessary.

4. Do you anticipate needing cash?

Is there a large expense coming up? Home remodeling or repairs? Maybe it’s a big family vacation or travel opportunity? Whatever the reason, a reverse mortgage can convert your equity into cash.

5. Is there economic uncertainty in the market?

We are not economic advisors but it’s reasonable to say that based on current conditions, someone would be justified in feeling concerned over the future. Cash gives you the flexibility to adapt to a changing world.

Answer Key: If you answered “no” to #3, and yes to everything else, then there’s a good probability that a reverse mortgage is right for you.

The Mortgage Brothers team can help.

We hope this has been helpful for you! If you have any questions about this or anything else mortgage related, don’t hesitate to reach out.  You can send us an email at team@azmortgagebrother