The Essentials of Reverse Mortgage

Four important things you should do before getting a reverse mortgage:

1. Determine if you really need a reverse mortgage or other type of loan is best for you. Depending on your needs and financial situation, you may be able to achieve their goals with other, less costly financing solution that provided by a Reverse Mortgage.

2. See a HUD approved reverse mortgage counselor-free to help you decide if a reverse mortgage is for you, or to help choose between different types of reverse mortgages.

3. Search and compare! Not all reverse mortgages are created equal. Vary considerably in the amount of money you can get, what they cost and other features.

4. Think about whether a reverse mortgage can make you not eligible for public benefits that are now or may be eligible to receive in the future. For example, if you currently receive or expect to be eligible for any "needbased" benefits such as Medicaid, Medical or Social Security Income (SSI), reverse mortgage payments should be structured so that payments that monthly be spent in the month that is received. Otherwise, these payments will be considered "income"and can cause for public eligible benefits. You should contact your benefits provider to ask about how mortgage may affect your eligibility.