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Reverse Mortgage
Reverse Mortgage

Reverse Mortgage Calculator

My Experience Baclground

Confronting the "Elephant in the Room"

Let's get this out of the way first: reverse mortgages are not a scam.


Consumers widely misunderstand these loans, which has created an unnecessary stigma around reverse mortgages that persists to this day. The truth is, reverse mortgages are a well-regulated financial solution and, for the right borrower, a safe and strategic resource for meeting needs, improving lifestyle, and adding flexibility to a retirement plan. 

Often one or both spouses will have an emotional attachment to the marital residence. In many cases this is the home that the children have been raised in and there are many memories that are part of the home. Removing the emotional attachment, the home is simply a marital asset and if one of the spouses is going to keep the residence, then they may have to acquire their spouse’s equity ownership in the residence. If there is a significant amount of equity in the property or if the house if fully paid for, the spouse who wishes to keep the residence, will often have to take on significant debt in order to acquire their spouse’s equity share. That’s where it is worth considering the options for obtaining a reverse mortgage as a possible solution for divorcing seniors.

Confronting the "Elephant in the Room"
Couple on Cruise Ship
Image by Tierra Mallorca

Okay, but what's the catch?

There is no "catch" with a reverse mortgage. However, it's important to remember that the proceeds are in the form of your home equity, and you are paying to access that cash.


Like with any other loan, the lender charges interest that accrues over time. Since no payments are required, the balance can grow and compound over time. At the end of your loan, the balance will need to be repaid but the amount that you or your heirs are responsible for will not exceed the value of the home when it's sold to repay the loan. 

Signing a Contract


A reverse mortgage is a great solution for many, though not all. In the right situation, tapping home equity can be an incredible resource for finding new meaning and maximizing the possibilities of life.

Ask yourself:
❑ What are my retirement goals? How close am Ito accomplishing them? 1:1 Is my home meeting my needs?
❑ How long can I live in my home?
❑ Do I want to leave my home to my kids? Do they want that?
❑ Would an unexpected expense take me off track?
❑ Am I still working just for the money? Is that how I want to fill my time?
❑ Where will I be in 5 years? Where do I want to be?
❑ What excites me about life? Am I doing enough of it?
❑ What dreams are left for me to chase? What's holding me back?

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