In a recent article titled "Individual Economic Relief", author Jesse Ragan asked five different questions about the reverse home mortgage. Those questions are all answered with a simple "no" and that no bodes well for people who are interested in obtaining a reverse home mortgage loan.
The five questions asked by the author about reverse home mortgage loans were:
1) Does the reverse home mortgage loan mean that I'll lose my home?
2) Will social security income be affected by the income obtained from the reverse mortgage?
3) Will income obtained from a reverse home mortgage affect my qualifications for senior medical insurance?
4) Does taking out a reverse home mortgage mean that I'll have nothing left to leave to my children in my will?
5) Is it a problem that I still owe money on my home mortgage?
As you can see, each of these five questions reflects a serious concern that someone might have about taking out a reverse mortgage loan. The fact that the answer to each of these questions is "no" should ease the worries of many people who don't quite understand how the reverse mortgage works but who are interested in considering one. Of course, the answer isn't always a clear-cut "no". In some cases, it's more like, "not necessarily". Speaking with a finance expert to get your specific questions answered.
Question of the Day: Do you feel better about the reverse mortgage loan after reading that the answer to the above questions is "no"?
