I always tell my clients, a Reverse Mortgage is a tool that will work well for some situations and will not work for other situations. The important thing is to be aware of how it works so one can understand all of its applications. One such use would be as a tool to get cash out until one can sell their home. Quite often, once a person retires and loses some of their monthly income, it can be quite difficult to obtain a loan. That is not the case with a RM, all you need is the right age and enough equity; that is pretty much it.
One may find that it has been years since the house has been updated and needs to fix it up in order to get the best return when it is sold. The best returns come from kitchen and bathroom remodels which appeal to buyers the most. The challenge can come when a bank turns a seller down because of too much monthly debt, bad credit, or not enough monthly income. Or the seller cannot afford the higher payment once cash is taken out from the home. The RM is a great solution in either case. There are No Credit, No Income, No Bankruptcy or short sale seasoning requirements, and now one of the homeowners can be younger than 62. On a $260,000 home the fees could be as low as $3,300 plus an appraisal and $1,300 IMIP (only 1/2% if borrower stays under 60% principal limit) could be returned once the house is sold (there is a Initial MIP that last until borrower is 100 years old, any unused portion is returned). The key is the Reverse Mortgage should be done before the home goes up for sale.
The RM might be the perfect tool to access cash to fix up a home, or live off on, until the home can be sold; and all of it is done with no stress and no mortgage payments whatsoever. Thinking outside the box can actually increase the net gain on the sale of the home, improve the quality of life in the meantime, and be the perfect solution for a sellers challenge. Have a scenario you want to look into? Try our Reverse Mortgage Calculator Here.
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