Should You Get A Reverse Mortgage?
This is an extremely popular mortgage here in Fort Lauderdale & South Florida due to so many retirees living here. In 2014 there were over 51,000 reverse mortgages originated. I am not a fan of this loan and let me tell you why.
There shouldn’t ever need to be a need for a reverse mortgage because a mortgage is a loan against someone’s income and the borrower should be able to show enough income to get a regular Conventional mortgage. Also, they are extremely expensive.
Before you retire you should be putting yourself in a position to be liquid and diversify by not having all of your money stuck in your house. It’s a good idea to go into retirement with a mortgage and if you want to find out more information contact me today on how to put yourself in a position and not need an expensive reverse mortgage – (954) 903-7256