Pack up and Move
Considering a move when you have spent many years at the same location may be the furthest thing from your mind. It can be an unpleasant thought just to consider it. But sometimes, it makes a lot of sense, especially if your home is too large and is too difficult for you too keep up by yourself. In this case, moving might be the best option.
Moving can be stressful, but in the event it is necessary, you may be able to purchase a home with a reverse mortgage. After you sell your home, or if you have enough savings, you just put down the amount required, and you buy a home with no monthly house payments. This is a great option for the senior that needs to move
Don’t change anything
Sometimes a person has all their ducks in a row and retirement has smiled upon them. When you have a great income and no stress from lack of money in your bank accounts, a reverse mortgage may not be a tool that you should use. Remember not everyone needs a reverse loan. If you don’t, then why do it?
See If Your Children are Interested in Contributing.
It is common for heirs to think that your home will be theirs once you pass away, and that if you do a reverse mortgage, it will keep them from getting it. If they believe this erroneous though, they could try to discourage your from doing the reverse mortgage.
If you need some help and they want the home, we have a solution. Allow them to pay some of the expenses that are stretching you budget. Then they will have “vested interest” in you home. Another option might be to sell them your home in a life estate. This will get you the money needed, and you will still be passing on the home to your heirs.
If the thought of asking your heirs for help is out of the question, take a second to see you alternatives. Your home is your savings account and can be used to help your retirement. Whatever equity is left when you are done using it will then get passed on to your heirs.
You can see there are alternatives and options to a reverse mortgage. Explore them thoroughly, and if you compare everything and see that a reverse loan is the best option, you can move forward with no regrets.