• Question
  • would a reverse morgage help our income?

    Asked by a 95 year old man from Selma, AL on 8/23/2012

    would a reverse morgage help our income?

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  • Categories: Loan Amount and Type, Reverse Mortgages

Answers

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    NewRetirement

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  • The answer of course will depend on if you qualify and how much you qualify for!

    When securing a Reverse Mortgage, you must first qualify for the loan. To qualify you must be 62 years old or older and your must have sufficient equity in the home. You must qualify for at least enough money to pay off the existing mortgage with the loan and then any remaining money is available to you to use as you wish.

    So... If you qualify, then a Reverse Mortgage will likely help your budget since it will eliminate your monthly mortgage payments. And then there may be enough additional funds that you could use to supplement your retirement income.

    You can see if you qualify and estimate your loan amount here:
    ------------------- https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    Thank You for Visiting NewRetirement! We wish you the best!

  • Login to rate this answer:   Answered on 8/23/2012
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  • A Reverse Mortgage can assist your budget by providing additional "cash", but it's not "income". If it were income, it'd be considered taxable, and could also impact your Social Security.

  • Login to rate this answer:   Answered on 9/4/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.