<br />
The truth is the reverse mortgage is not a great decision for all borrowers. Situations are unique and they must be evaluated individually.<br />
<br />
Most people calling me don't have tons of money in stocks, bonds and savings. They have very little and need money, which is why they are calling me.<br />
<br />
Some have low fixed incomes and others still have jobs. <br />
<br />
My concern is the worst case scenario. If someone really ran into a major financial need, like a medical issue, would they be able to handle it?<br />
<br />
Every day of our lives we roll the dice. Sometimes it comes up snake eyes and we must be there to answer the call.<br />
<br />
Along these lines I like to see prospective borrowers use the mortgage intelligently to increase their disposable income and to use that income in the proper places.<br />
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The reason being is the house is going to be the biggest store of cash for any of these individuals. If that is floundered away they could be in a real bind later on when something big comes along.<br />
<br />
For a very conservative perspective one should use the reverse mortgage when it is absolutely needed. If a mortgage exists maybe it is best to wait to refinance it with a reverse mortgage.<br />
<br />
If there is no mortgage I like to see folks use the line of credit option and use their proceeds sparingly. By using proceeds this way interest accrues minimally against the equity of the home. <br />
<br />
A real benefit of this LOC is it actually grows over time and benefits the borrowers. Any unused money in the LOC gains interest for the borrowers favor.<br />
<br />
As a guy who gets people these loans I know they are a real benefit. However, they can be misused and I implore you to use them with care.</div><div class='uawresource'><div style='font-style:italic;' class='uawabout'><br />
About the Author:<br />
</div><div class='uawlinks'><a href="http://www.texasreversemortgageguide.com">Live in Texas.. get a great 12 page reverse mortgage guide here</a>. Also, <a href="http://www.texasreversemortgageedu.org">Have 20 questions answered about the Texas reverse mortgage at this link</a>right here. </div><br />
</div>
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