Question:
“My wife and I are almost 70. We don’t want to move for 1-2 years, but we saw a one-story home in Oregon that we’d like to buy now and move to later. What do you think of getting a reverse mortgage to get the cash to buy that home?”
Answer:
Reverse mortgages can be a great benefit to many people.
My own parents got a reverse mortgage and it served them well. They were able to stay in their home and it paid for their caregivers in their last years.
However, they do have relatively high up-front fees, so you don’t want to use them for short term.
My advice would be to get a credit line on your home. Only consider the reverse mortgage if you’re unable to get the credit line.
I know a great lender for credit lines, and another one who’s great for reverse mortgages. Let me know if you’d like their info.
