Being 83 and single (divorced) I…
Being 83 and single (divorced) I checked several equity loans Helocs, Hea, VA/options, Hecm, Reverse and the financial institutions doing. All cases are different, in my case I chose a Reverse with Finance Of America. 1) didn't want an additional payment with my mortgage payment adding a bigger financial burden. 2) paying off the monkey on my back credit card debt everyone has these days, 3) Social Security in trouble, bankrupt 2032, in 6 years talking about cut backs $$$ 22%-24% an added burden, trying to making payments keeping my perfect credit score not having a unforeseen future repos or a foreclosure many people having. All options have unavoidable costs to closing. I have no one to leave too. Benefits/no mortgage payments, except taxes and insurance, all remaining debts paid off, debt free. A sizable cash out equity $$$ into my checking at closing and another sizeable $$$ into my checking after 12 months. Felt very comfortable with Nermeen Salwanis, very professional and experienced with Finance of America, helped me through process, since markets changed I received additional thousands $$$ at closing. Can live in my home for life