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Thinking about A Reverse Mortgage

Hi. I have about $89,500 in equity in my home last time it was appraised in June 2018. I just retired (2/28) and my husband has been sick/has med costs. I have two children - they are adults. What would be some reasons a reverse mortgage might hurt us? I need money out and to reduce some of my excess monthly debt. I am trying to find some options - i do not want to file bankruptcy. My credit is still good , 698 and my income fixed is $8,966 a month. The medical debt is piling up from my husbands hip replacement. by leslie655 from Tempe, Arizona. 17 days ago Reply


Call me and I would be glad to answer your questions.

17 days ago
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Korene Clopine-Seaman (korene)
#69 ranked lender in Arizona - 87 contributions

You sound like you are reasonably young. The Reverse Mortgage loan is based on age of the youngest borrower over the age of 62, the value of the house, and the condition of the house.There is one major reason to do the loan. One is you would not have to make a mortgage payment but you still owe the insurance, taxes, and maintenance upkeep on the house. If there is a HOA payment, you still must make that payment.Could you draw equity out of the house...depends on the Loan to Value that $89,500 equity represents in regard to the total value.Reasons not to do a reverse mortgage is that you could have the deferred interest eat up or charge against your equity to the point your children would not have the equity as part of their inheritance.There may be other options available to you but I don't have enough information to discuss them in this forum.You may contact me directly Korene Clopine-Seaman

17 days ago
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Korene Clopine-Seaman (korene)
#69 ranked lender in Arizona - 87 contributions

Korene Clopine-Seaman623-340-0934korene@klcsloanteam.com

17 days ago
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I don't neccessarly think the RM is going to be the best option for you. The big questions I owuld have for you would be in regards to estate planning, you can contact me to discuss further so it's not in a public forum. Here are the questions we need to ask1. What's the value of the home?2. How much is owed?3. Are you behind on any payments?4. How much is owed in bills? Both current and projected5. Are your kids involved in any of the planning?Feel free to reach me at (425) 346-4105 Brett KirchnerGeneva FinancialNMLS 605521, 0946397

17 days ago
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