Reverse Mortgage Helps One Homeowner Pay for Emergencies
It was the beginning of the rainy season when the roof began to leak into my bedroom. There was damage to the roof and my beautiful hardwood floors below. Unfortunately, I didn’t have money to pay for the repairs. My monthly budget was already pretty thin, so taking out a loan with my bank was not an option. A friend suggested that I look into a reverse mortgage.
It seemed too good to be true
To be honest, I did not know what a reverse mortgage was before investigating my options. I initially thought this was too good to be true. Most people I talked to seemed to have their own opinions about why a reverse mortgage is a bad idea. I found it interesting that none of these same people took the time to speak with a licensed professional.
While it might not be the perfect fit for everyone, it was a good fit for me. My reverse mortgage proceeds were more than enough to cover the repairs to my roof and hardwood floors, and I was able to set aside money for future unexpected expenses. I can now say the roof and flooring are as good as new, thanks to my reverse mortgage!