I had this question from a friend in Ft. Worth just this morning, “Why do people get a reverse mortgage?,” and the answer is there are many reasons. The most common reason is homeowners have used all or almost all of their saved retirement money, and they fear they will run out of money in a short time as Social Security just doesn’t keep up with the cost of living. Few homeowners have spent their money foolishly, but life happens. Health issues are the number one culprit, but what I have seen over and over again is we help our kids to our own financial peril. Many times a daughter has become a single mother and has children, and who of us wouldn’t help our daughter if we’re able?
There are other reasons….I had an 85 year old grandmother who was determined to give her grandson who was getting married enough money to make a sizeable down payment on a house. I advised her against giving the funds from a reverse mortgage to her grandson, because I felt she was going to need the money for herself in the future. I could have been talking to a brick wall, because she had her mind made up! “Tim, if you don’t want to make the loan for me, I’ll find someone who will! She is one of the sweetest ladies I have ever done business with, and I know the grandson and his new bride were so excited to buy a new house!
Reverse mortgage gives the homeowners the chance to live with dignity when otherwise they might be dependent on their children or other family members. None of us wants to be in that position. The truth is we can’t live anywhere cheaper than in our own home if all we have to pay is the property taxes and homeowner’s insurance each year. That’s why this program has been popular for over 35 years, and I am finding more and more people want to know about reverse mortgage.
If you want to find out if reverse mortgage is right for you just give me a call at 800-799-4255 and I’ll either email or send in regular mail a package with the information you need to make an informed decision. Most importantly, I won’t call you non-stop as the national firms do. I’m here to help you if you want help!