1. Do you really need a reverse mortgage? Why are you interested in these loans? What would you do with the money you would get from one? Are the needs you intend to meet really worth the high total cost of these loans?
2. Can you afford a reverse mortgage? These loans are very expensive, and the amount you owe grows larger every month.
3. Can you afford to start using up your home equity now? The more you use now, the less you will have later when you may need it more, for example, to pay for future emergencies, health care needs, or everyday living expenses.
4. Do you have less costly options? Do you have other financial resources that you could use instead of taking out a loan?
5. Do you fully understand how these loans work? Reverse mortgages are quite different from any other loans, and the risks to borrowers are unique. Before considering one, you need to do your homework carefully and thoroughly.
2. Can you afford a reverse mortgage? These loans are very expensive, and the amount you owe grows larger every month.
3. Can you afford to start using up your home equity now? The more you use now, the less you will have later when you may need it more, for example, to pay for future emergencies, health care needs, or everyday living expenses.
4. Do you have less costly options? Do you have other financial resources that you could use instead of taking out a loan?
5. Do you fully understand how these loans work? Reverse mortgages are quite different from any other loans, and the risks to borrowers are unique. Before considering one, you need to do your homework carefully and thoroughly.
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