The Sour & Sweet – Reverse Mortgage Disadvantages & Advantages

To my knowledge, we only go around once in life so we had better make the most of it.  Life is far too short to be spending it in a world of worry.  Unfortunately, for many senior citizens, there is nothing but worry and misery.  In The United States, a record number of people are becoming retirement age.  This is good news in that we have a wonderful resource of our nation’s finest generation ready to enjoy their rewards.  It is bad news because for the first time in our history, we have a record number of seniors who cannot afford to retire.

They Earned Their Time – How Does A Reverse Mortgage Work?

Reverse mortgages are an opportunity to borrow the equity that they have built in the homes that they toiled for thirty years or more to pay.  At age 62, they can borrow that equity and live the kind of life they deserve to live.  There are reverse mortgage disadvantages to consider, however, there are reverse mortgage advantages that far outshine the possibility of spending retirement wanting for the things that they could have had when they were working but did not have to time to enjoy.  Of all the reverse mortgages pros and cons, none is as sweet and sour as these two.

  1. You can borrow up to $625,000, depending on the equity in your home, without paying it back until you die or move out of the home
  2. It is the sale of the home that pays back the equity when you pass away of move out

Ready to Reap the Rewards

Sweet and sour for, sure but there is one thing that those who are opposed to our seniors using the equity in their homes do not understand.  The reverse mortgage disadvantages and advantages mean nothing.  The reverse mortgage disadvantages do not matter.  When you compare the disadvantages to a lifetime of working, fighting wars for our freedom, raising families to follow their dreams, and taking care of everyone else, the reverse mortgage disadvantages just do not seem that important.  What is important is the life that our retirees live now that they have run the race and are ready to reap the rewards – they deserve that opportunity.

Don’t Just Fade Away

Many seniors seem to know this instinctively.  Regardless of the reverse mortgages pros and cons, after a lifetime of doing what they had to do, it is time to do what they want to do.  Reverse mortgage disadvantages aside, I am grateful to those seniors who did what they needed to do to earn our freedom and way of life.  I hope that each of them take every dime of their equity and enjoy themselves with it.  Sure, be responsible, as is your nature, but go a little nuts as well.  Spend some of that on something crazy.  Travel, party and do the things you have dreamed of doing.  It is as Neil Yong said so many years ago…  “It is better to burn out, than fade away!”

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