Is a reverse mortgage ever a good idea?

Asked by Bobbie

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Answered by Justin Clark, Mortgage Broker in Moreno Valley, CA
It's a great idea!!!! If it fits your needs and if you qualify. There are many mortgage products that can assist you that are similar to Reverse Mortgages. If you want to give me a call I service all of California and I can see what program is best for you. | 10.28.15 @ 22:56
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:44
Answered by Greg Fischer, Mortgage Broker in Manchester, NH
Absolutely. Not for everyone in every case, but it can be a fantastic tool if you understand what it is.

If you qualify, and would like to own your home without having a monthly payment, or maybe, RECEIVE a check each month, it can be a terrific financial tool. If you are wondering if you should explore one just because you're of qualified age, then it might not be.

Both stocks and bonds are both good ways to grow assets, but your portfolio needs to be a good match for your needs. Like any financial tool, a reverse mortgage can be a great piece of your planning. as long as it's taken on with a plan. | 10.29.15 @ 00:13
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:44
Answered by Richard Eddy, Financial Adviser in La Verne, CA
It can be...in a limited set of circumstances. You do have to be careful though, and really assess the cost/value proposition relative to using other assets. My opinion? A good reverse mortgage broker can help you with the actual transaction, and can work with you to structure the details in an advantageous way, but you would be well served by paying an independent fee-based adviser to analyze your situation and provide you with objective counsel. If you are already working with a fee-based adviser/planner, he or she might very likely do this analysis/planning for you are part of your ongoing relationship with them. I know that we do this kind of thing frequently for our clients. | 11.04.15 @ 15:43
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:44
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Answered by

Justin Clark
Justin Clark, Mortgage Broker in Moreno Valley, CA

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