Success with a Reverse Mortgage begins and ends with a plan. Regardless of your situation, it is important to have a plan.
When starting a plan, you have to begin with aggregating all of your current income, expenses, and savings to provide a blueprint illustration of where you are today and where you would like to be tomorrow. A pen and paper and a little bit of time is all it takes.
A small amount of due diligence and investigation on your part may yield some very nice returns as you review your retirement plan. As you review your plan, remember that with a Reverse Mortgage you are still responsible for paying any required real estate taxes and homeowners insurance. As you focus on your income and monthly needs please be sure to pay close attention to your required expenses. Eliminating expenses is just like finding new income when you are planning. Having said that, have you checked with your county to see if you may be exempt from real estate taxes based on your income? Savings on expenses may be waiting for you with just a few phone calls.
find out that some counties will exempt you from personal property taxes on vehicles and rebate you previously paid real estate taxes going back a full year. You are not expected to know everything. We are here to help you with these ideas and provide you direction so you can get the most out of a Reverse Mortgage.