Many people ask me today if now is a good time to do a Reverse Mortgage… and so many have been putting their decision off, for years. My question back to them is “why wait?” We have to realize that the use of the FHA HECM is not a long term financial strategy (we’re not spring chickens!). We don’t have the luxury of youth, time is no more precious than it is for us (I’m a senior too!) than anyone. This solution cannot be looked at the way we may have when we were all in our 20’s and 30’s and thirty year mortgages were easy to plan around.
In fact most people are surprised to learn that the average length of term for the FHA Home Equity Conversion Mortgage is just 7 years. This may seem rather short, but again, remember that thie program is restricted to those homeowners who aren’t just starting out, for many, this may be the last major financial decision they make.
So, back to the question… ask yourself, are you as comfortable in retirement as you had envisioned? Or maybe you’ve had to put off retirement plans because of financial reasons? Are you putting of important dreams or responsibilities because of financial concern?
If the answer is yes to any of these then again, my question…”Why Wait???” If it is because of the drop in your homes value and you’re thinking of waiting until values come back to where they were a few years ago, I’m sorry to tell you but we might not live long enough to see values that we saw in the early to mid 2000’s! But not to worry, if values should take a miracules jump in the next few years… any gain in equity will be yours or your heirs! In the meanwhile interest rates are at record lows… And HUD has introduced two FHA HECM Saver programs, both with either a Fixed Rate option or a Variable Rate with dramatically lowered costs. The Saver is designed for those who don’t need to have access to the maximum amount of value in their homes and can be a great fit for many who were put off by seeing the FHA Insurance costs of traditional HUD Reverse Mortgages.
In fact, you may never have a better time to consider taking advantage of the FHA Reverse Mortgage than right now!
If you’d like to see what you qualify for I would be happy to send you a confidential summary of what this might look like for you. Simply complete the form below and you’ll receive your free Reverse Mortgage evaluation… and don’t worry, your information will remain confidential, we don’t sell or share your email or info with anyone… period