Questions to Ask Yourself Before Moving Forward - Part 6

HOW LONG DO YOU, AND YOUR SPOUSE, PLAN TO REMAIN IN THE HOME?

Reverse mortgages, like many financial products, have costs associated with them, including some that need to be paid up-front when the reverse mortgage is obtained. Among other things, that means that if you or your spouse are not likely to continue to live in your home for more than several years after the reverse mortgage is obtained, you should pay particular attention to those costs and consider them carefully with your HUD-approved reverse mortgage counselor and whether there may be other more cost effective alternative strategies.