If you are thinking about applying for a reverse mortgage, there are some questions you will want to ask yourself first about your health. 

Many senior homeowners can stay in their homes safely for the rest of their lives. Granted, there may be a need for sporadic in-home care, but for the most part, the Reverse Mortgage borrower gains the benefit of staying in their comfort zone and making no mortgage payments for the remainder of time spent in the home. 

A “maturity event” may occur, not allowing continued stay in the home.  In that event, they may need to/want to sell the home.  This is certainly allowed with a Reverse Mortgage, allowing the homeowner to cash out of the home and perhaps go to assisted living or other arrangements. 

Below are two key questions to ask about your health and your home to help you figure out if you are likely to stay there for the rest of your life. 

2 Health Related Questions Before Obtaining a Reverse Mortgage

1. Does your current home provide the accessibility you will need in the future? If your home design accommodates the access, you are likely to need in the future (such as minimal stairs, compatible lighting) that means it may continue to be ideal for you for the rest of your life. As we cannot see into the future, to see if there might be mobility issues etc., we oft times do what is best for the NOW, knowing that the future is not ours to see or unnecessarily worry about. 
2. Will you be able to get the support you need at home? Many people are able to receive the support they need in the comfort of the home they love, and never need to move out. In fact, there may be situations where a reverse mortgage helps you gain access to the funds you need to receive that support and stay in your home. There may be situations where your health needs do not allow accessibility in your surroundings, but rather needing access to care and support from an assisted living scenario. In this case there are options for that scenario. 

Figure Out if a Reverse Mortgage is Right for You 

Bottom line?  You can stay in your home for the rest of your life so long as you stay up to date with all home maintenance, property taxes and homeowners insurance. The reverse mortgage may not come due during your lifetime, as long as you are there.  

If there comes a time you believe you will need to sell your home some years from now, be aware that your reverse mortgage will come due when you take that action. There is a 12-month period in which you can sell, or perhaps decide that it is not yet the time to take that action. 

Get In Touch With Your Trusted Mortgage Specialist Now!

Grandview Lending Inc. can walk you through these questions and considerations, offering you detailed recommendations for your situation. We can also help you apply rapidly for a reverse mortgage if you decide it is the right choice for you. Please call us now at (317) 255-0062 to schedule your consult for a reverse mortgage in Indiana.