HOW WILL I KNOW IF THIS IS RIGHT FOR ME

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HOW WILL I KNOW IF THIS IS RIGHT FOR ME

Post  Linn F on Thu Feb 07, 2008 12:44 pm

How will I be able to tell if this is the right thing or not for me. Things get quite confusing when you get older and you're not as up to date on things as you once were.

Linn F

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Join date : 2008-02-05

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Re: HOW WILL I KNOW IF THIS IS RIGHT FOR ME

Post  Marc Johnson on Fri Feb 08, 2008 2:48 pm

Answer this simple quiz and it might help:
1)Are you uncomfortable with the idea of using your home equity as a cash resource for your retirement;
2)Are you the type of person that runs through every dime you get your hands.
If both of these are Yes you a reverse mortgage might not be for you.

If you answer NO to the 1st two questions above:
Please, read the following questions, think about yourself, and your particular circumstances.
1) Do you usually have money left over after your regular monthly expenses?
2)Do you have cash set aside in an emergency fund “just in case”?
3)Could you comfortably manage an increase in the cost of your property taxes, prescriptions, utilities or groceries?
4)Do you feel you can always afford to fill up the car at the gas pumps, regardless of the price?
5)If one of your children needed financial assistance and you wanted to help them, could you?
6)Can you handle the cost of birthdays and holidays without straining your budget?
7)If you wanted extra cash, could you find it without cashing in your investments?
8)Would you be comfortable adding loan payments to your monthly budget?
9)Can you afford all the medications prescribed by your doctor?
10)If you decided to cash in some of your investments to cover a large expense (new car, home repairs, vacation or a get-a-way home) would you pay tax on that money?
11)Do you withdraw money out of your IRA to make ends meet?
12)Do you cash in assets to pay your property tax bill each year?
13)Could you use more tax-free income once in a while?

Marc Johnson

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Re: HOW WILL I KNOW IF THIS IS RIGHT FOR ME

Post  Ralph J on Fri Feb 08, 2008 3:16 pm

Everyone should answer the 1st two questions, especially the second question. If you are the type of person that cannot hold on to cash, you sure don't need to take out a loan, or else you need to take one out with a monthly payout.

Ralph J

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