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Is A Reverse Mortgage Right for Me?
It’s important to do your research and discuss your options with family members. In doing so, you may decide a Reverse Mortgage isn’t quite right for you. Here are some reasons why a Reverse Mortgage may not fit your needs:
- You don’t intend to stay in your home more than a few years
- You plan on leaving your home to your heirs, and they will not or cannot pay back the loan with other funds or financing
- You’re looking for funds to invest
Alternatives to Consider
Mortgage refinancing: Refinancing your existing mortgage may lower your monthly payments. It may allow you to pay off your mortgage faster and receive cash out of the equity in your property.
Home equity loan or line of credit: These products borrow against the value of your home. A loan is distributed and you will receive a lump sum or a line of credit can that be drawn upon as needed.
Personal loan: Personal loans typically have higher interest rates than other types of financing options. They are also are unsecured, meaning no collateral is required.
However, unlike Reverse Mortgages, the above options have income and credit score requirements. And all three options must be paid back in monthly payments within a specified time period.
Your Genworth Reverse Mortgage Advisor is committed to objectively helping you find the right solutions that best fit your needs. To learn more, schedule a consultation today. Call us at 1.800.218.1415.
