Recently there has been a lot of interest in Reverse Mortgages which is reflective of so many baby boomer home owners looking for solutions to increasing demands on their limited financial resources. The idea of receiving monthly payments by drawing on your home’s equity has much appeal in offsetting the rising costs of living.
Factors To Consider When Getting A Reverse Mortgage
As good as it sounds to get paid for the equity in your home without actually giving up your ownership; you do have several factors to consider. If you are in need of money, do you want a lump sum that you can just put in the bank and collect interest from? Or, would you rather get a monthly payment from your reverse mortgage company?
While everyone seems to have the right answer about what you should do, only you know what you want to do; only you really know whether you want to have a big bank account or to have cash flow coming in every month.
You could also consider possibly selling your home and renting an apartment, buying a smaller house, or moving into an assisted living facility. When making decisions like this, it is important to compare the cash value from selling your home and expense of buying or renting another house or apartment. You will also need to consider whether the monthly payment that you’ll receive will really make a difference to your quality of life or not.
Yard Work and Home Maintenance - Health Is A Consideration – So Is Budget
Chances are if you have owned a home at some point in your life you probably had to do either indoor or outdoor, and in many cases – yard work, maintenance and upkeep. How is your health condition? Are you healthy enough to do your own yard and house maintenance? Do you have the financial means to cover costs of these items if you cannot do them yourself?
There are many choices to be considered and evaluated in making the decision whether to remain in your home, but after looking at all your options, you'll have satisfaction in knowing you did the right thing for your situation.
