My Financial Healthcheck

When considering to get a Reverse Mortgage make sure you review the option to remain in your home or sell it. If you choose to remain in your home and income is limited then a Reverse Mortgage may be a good option, but consider what options selling your home would do also.  If you sell you home, consult a CPA for what the tax issues the sale will cause, if you sell will you rent or downsize?  If a home sale results in a large lump of equity and if you don’t buy another home with the proceeds make sure you consult a financial planner to get advise on how to invest those funds.

If you choose to rent then plan the future out to make sure the proceeds from your sale will be invested to grow in order to pay for your monthly rent.  Consider the costs if you stay in your home or move when it comes to upkeep, what moving costs would be, what effect it would have on you living elsewhere. what the costs would be if you finance another home mortgage.