REVERSE MORTGAGES : Who Should Avoid a Reverse Mortgage?

 

If you are going to sell your home in a few years or less, it might not make sense to get a Reverse Mortgage as the costs are significant. If you do not need the money or have a purpose for the funds, it might not make sense to have a Reverse Mortgage.

If you owe too much on your home and the Reverse Mortgage proceeds are not sufficient to completely pay off any existing loans on the property, it might not make sense to acquire a Reverse Mortgage. There might be situations where you would consider this based upon your financial situation.

There may be other alternatives if you are facing financial distress or foreclosure and your American Reverse Mortgage Advisor can help explain some of the other options.

All persons on the title must be at least sixty-two (62) years of age. If a co-borrower is younger than sixty-two (62), they do not qualify for a Reverse Mortgage. We strongly urge that anyone considering coming off title to qualify the remaining person for a Reverse Mortgage, get expert legal advice and further counseling. Special laws and rules apply for spouses wishing to come off title due to marital laws, homestead laws Etc. A person should not be removed from title without understanding all ramifications of such an act.