Facts will tell you ... what is medicinal and of assistance physically to one person, is pure poison to another.
That is certainly the truth when talking of mortgage loan programs. One has to look no further than the notorious ARM programs of this last decade to verify that statement. They were a godsend to some consumers ... and lethal to others.
Currently, you need not look any further than the Reverse Mortgage Loan to view a Devil and Angel comparison either. Some financial analysts view them as a sure sign of senior abuse, while other analysts will tell you that these loans deliver salvation.
I've come to state ... Reverse Mortgages are neither. They are a loan tool much like any other. As stated above, good for some people and bad for others, a determination to be made based on FACTS.
I like to present simplistic facts regarding Reverse Mortgages first and let my clients (along with any counsel they may have) decide on how to proceed any further. These facts along with others, in tandem with the clients' personal financial scenario, will dictate the final determination of the good or evil of pursuing a Reverse Mortgage any further.
To that end, I have included a listing of questions and scenarios that will explain whether your knowledge or preconceived ideas of Reverse Mortgages are true, false, or somewhere inbetween. Some may surprise you. Others may need further clarification. To that end, if you have questions ... please contact me. The flyer attached has my contact info included to make that easier.
Again ... personal financial considerations must be taken into account to make a final decision regarding the validity of pursuing a Reverse Mortgage. That determination can be made only after talking to a Reverse Mortgage specialist/lender. Pre-Qualification and communication must be done thoroughly just as it has to be with any other lending program.
Communication and peace of mind is absolutely vital when seeking facts and determining a future financial path regarding these loans. Make sure the time is taken to do the needed research for yourself or a loved one. Ask all the questions you need to, so you move forward knowing for sure that you did the right thing for YOUR financial and personal circumstances.