Lorri Molnar, Realtor

Earning your trust for over 40 years! Dublin, Hilliard, Worthington & Central Ohio Real Estate.

614.496.4012
  • Home
  • Search ALL Property for Sale
    • My Listings
  • For Buyers
  • For Sellers
  • Over 50?
  • Communities
    • Columbus
    • Delaware
    • Dublin
    • Powell
    • Hilliard
    • Westerville
    • Worthington
  • Contact Lorri
    • About Lorri
    • Testimonials
    • Newsletter Sign Up
  • Blog
    • Buyer Information
    • Seller Information
    • Community News
      • Columbus
      • Delaware
      • Dublin
      • Hilliard
      • Powell
      • Westerville
      • Worthington
    • Real Estate Market
      • Central Ohio News
      • National News
    • Real Estate for Seniors

Is a Reverse Mortgage Right for You?

May 14, 2014 by Lorri Molnar

Jar of MoneyReverse mortgages are a type of home equity loan for homeowners age 62 and older. Recent changes as of October 2013, mean that you need to take a second look see…is a reverse mortgage right for you and your needs? Or would is there a better option for you?

Talk to a financial advisor, your accountant, or your lender to see how the changes in reverse mortgages might change your plans for your finances and your home.

Reversing course

If you’re considering a reverse mortgage and you’ve been crunching numbers, it’s time to take a second look at your options before finalizing your plans.

Reverse mortgages allow those over the age of 62 to tap the equity in their houses and turn it into cash for living expenses, medical care, home improvement projects, and so forth.
At the beginning of October, the U.S. Department of Housing and Urban Development tightened its restrictions on reverse mortgages.

What could mean to you? It’s possible that getting a reverse mortgage will be more difficult and you might not be able to get as much cash out of your house as you’d anticipated.

Each person’s financial situation is different, so there’s no hard rule to offer for that will help you with your calculations.

So before cementing your financial plans, get in touch with your financial advisor to be certain that you’re making decisions that are based on up-to-date lending guidelines.

Filed Under: Seller Information Tagged With: reverse mortgage

Contact Lorri

Keller Williams Capital Partners Realtor
100 E. Wilson Bridge Rd.,
Worthington, OH 43085
Call: 614.496.4012
Contact Lorri
Lorri Molnar realitor MSL
100 E Wilson Bridge Rd, Worthington, OH 43085
Tel: 614.496.4012

Follow Us on FacebookFollow Us on Google+Follow Us on LinkedInFollow Us on FlickrFollow Us on YouTube

Copyright © 2023 · AgentPress Pro Theme on Genesis Framework · WordPress · Log in

Each office independently owned & operated.
© 2002-2018 Lorri Molnar | Design & Content by CyberCletch LLC