When is a Boulder Colorado Reverse Mortgage right for me and my family?
“Is a Reverse Mortgage right for me and my family?”, is often asked. However, some questions don’t have a black and white answer that I’m able to give. Maybe a Reverse Mortgage (RM) is a great idea and then again, maybe it isn’t!
As I meet with people, we visit and get to know each other. Typically, I ask as many questions of the client as they ask about RM’s. During our conversations, I’m learning a lot of information and your needs. If alternate solutions exist or perhaps there is a better path, any qualified LO with integrity will keep other options in mind and offer honest recommendations. Together we both must agree that a RM is the appropriate and proper choice for you.
Before we visit and as you learn about the product, there are many questions you should to ask yourself and share your thoughts with your Certified Reverse Mortgage Professional.
Questions to ask yourself
- Is your need a short-term need or a long-term need? There are always exceptions, but I generally view RM as a long-term solution.
- Do you have other resources that may be better suited to meet your goal?
- Why are you exploring a RM? What are you hoping it will do for you?
- Are you looking for an improvement to your Quality of Life today or establishing it for future usage?
- Have you lost part of your household income due to a death, divorce, job loss or other situation?
- Perhaps your debt obligations are too much or you’ve suffered a hardship?
- Maybe it is time for some home improvements?
- Do you want to visit family, travel or expand on a hobby?
- Are you considering a Reverse Mortgage as part of a financial planning strategy or Estate Plan?
- How much of your equity do you want to be converted and made liquid?
- How would you like (or need) the proceeds to be disbursed? There are different ways to get the RM proceeds.
- Do you have concerns about whether or not you will qualify? In fact, a professional can quickly run a Financial Assessment to determine your eligibility
- Do you have concerns about whether or not your home will qualify? Your home must meet FHA’s minimum standards for:
- Are you comfortable making large financial decisions on your own? Or, would you feel better if you had a family member or friend helping or maybe acting as a proxy?
- Were you presented with a “Business opportunity” by acquaintances, friends or even family? However, your CRMP lender has been trained to keep an eye out for “elder abuse”. It really is a thing!
- Congratulations! You’ve worked hard your entire life and have accumulated a large asset in the form of home equity. Is it important for you to leave your home as an inheritance? Or, do you recognize that this home belongs to you and are comfortable using a portion of it to improve the quality of your life?
So, “Why is a Reverse Mortgage right for me and my family?” I don’t know, but obtaining a Reverse Mortgage may be the smartest financial decision in your retirement years. Remembering that it is important to work with a professional who will answer all your questions and even the questions you don’t ask!
Thanks for reading my blog post and watching my video all about Boulder Colorado Reverse Mortgage.