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Reverse Mortgage: Home Loan for Seniors (4)

For example, if your non-home related debts are low, your home equity is high, the yearly appreciation has been good, and you plan to draw out only a relatively small amount of “income” each month compared to your total equity, you are probably a good candidate.  Note that, in some scenarios, your home equity might not even go down much each year, or at all, if the math is on your side.  If your house appreciates 5 percent a year, for instance, and you only need to “take out” 5 percent a year using your reverse mortgage, then there has been no net equity change. This example could apply to a senior living in a $240,000 home who needs only $1000 per month to live on (5 percent of $240,000 is $12,000, or $1000/month – assuming, for the sake of clarity, that the loan interest is covered in these figures).
A reverse mortgage loan, made available as a credit line, can also be useful in times of emergency need.  The interest rates you’d pay on this type of loan would almost certainly be lower than that of credit card companies.  Remember, reverse mortgages are in part about providing you with flexible options.  If you have spent years paying down your (regular) mortgage, reverse mortgages let you reverse the flow, if you need cash for financial, medical or other reasons.  In summary, if you realize you need more cash than you get each month, a reverse mortgage lets you reverse the direction of your monthly cash payment; instead of paying out, you can now take in, for as long as you need to.

This article was adapted from a work entitled “Reverse Mortgage: Home Loan for Seniors” posted by a Site Admin named Sam on The original version can be found at: The article on this page and the original are covered by a Creative Commons License. SUMMARY OF THE CREATIVE COMMONS ATTRIBUTION LICENSE for this work: Attribution 2.0: You are free to copy, distribute, display, and perform the work; to make derivative works; to make commercial use of the work.  Under the following conditions: (1) Attribution -- You must attribute the work in the manner specified by the author or licensor. For any reuse or distribution, you must make clear to others the license terms of this work. Any of these conditions can be waived if you get permission from the copyright holder.  Your fair use and other rights are in no way affected by the above.  Please go to the Creative Commons License site to view more information about the Creative Commons license that applies to this work.

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