A Short Talk On Reverse Mortgages

Hey, good afternoon, everybody.

This is Chris Berger, and it’s time for a Berger Point.

You know, I was speaking with an elderly group of senior citizens, and they were talking about selling their home and how difficult that is.

So anyway, I wanted to speak to reverse mortgages a little bit.

And this is actually good for younger people whose parents are in that position.

The first rule is that you have to be over 62.

And the second rule is that you should have 50% of the equity paid off in your home.

Now, if you want to stay in your house, now is the best time (2024) to do it because appraising the home is going to be high.

Whereas even three years ago, you just made so much money on your home that it’s really a good thing to do.

So I would invite you to speak to a mortgage person who is reputable on reverse mortgages and at least get a sense of what he can do for you.



Because again, once you ascertain a reverse mortgage, you have options.

You don’t have to take money each month.

You can just live off your own income, but the mortgage that you had is gone.

And basically what you’re responsible for is the upkeep of the home, your homeowner insurance, and your taxes.

And if you want to live like that for the next 10 years, then go for it.

And conversely, anytime during those 10 years, say you wanted to reown your home, you go back to the mortgage company that’s holding your reverse mortgage and you pay off what you owe.

And that can get a little tricky.

And yes, there are ins and outs.

But again, speak to your mortgage person and get the right deal for you.

Keep your home.

That’s my point.

***

You know, I enjoy wearing my Ted Lasso hat because people comment all the time,

B-E-L-I-E-V-E and it sort of opens up some conversations for me to real estate, which is a good thing.

So if you’re selling or buying a house in the Hudson Valley region of New York, also in Fort Myers, Florida, I can help you any way I can.

--------------------------------------

I'm Chris Berger and I'm sharing my 40+ years of experience as an NY & FL realtor, in home renovation & property management. Yankees fan. Concert goer. Dog lover. Granddad.

Get Your 1st Time Buyers Guide FREE at https://bergerpoints.com