Will I get enough money from my Reverse Mortgage?

In order to answer this question accurately, you will need to ask yourself some very important questions.

The first question should be why you need more money. There can be several answers here. Some examples are taxes, repairs, medical expenses, a better quality of life. What ever the reason or reasons, you should carefully identify them.

Now you will need to determine how much money you need for each of these answers? In order to get the best results from a Reverse Mortgage, it is essential not to borrow more than you need. Here’s where you need to be honest with yourself and to make sure you are borrowing for the right reasons and that you are comfortable with those reasons. Make a list and prioritize it. Review it a day or two later and revise it if necessary. Knowing how much you need will be a big help in doing this right.

Next you will need to know how much equity there is in your house and how best to utilize it. This is where you need to get the advice of a knowledgeable and trusted advisor. There a number of variables here that will have and effect: your age, the amount of equity and the interest rate on the reverse mortgage.

At Campbell Mortgage, our primary directive is to supply you with honest answers to these important questions so that you can make an informed and comfortable decision.

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