The bottom line on this comparison is simple - Do you want a payment going out every month to the bank or not?!?!?

    With a reverse mortgage, you have a debt that grows as you live in your home and make no payments.  With a refinance, you have a debt that you SLOWLY chip away at, taking the largest portion of your income and sending it into the bank, month after month, year after year....

    While a reverse may cost you thousands of dollars that is taken as an up front cost out of the money that you qualify for, a traditional loan will have payments that equal what a reverse costs, you just make smaller payements for these costs.  Eventually, in terms of how much cash actually leaves your pocket, the regular loan will outcost the reverse, it is just a matter of time!

    Example - Jim is looking into a reverse or a refinance to alleviate the remaining $45,000 on his current mortgage.  His home is worh $200,000, he lives in Florida. 

    If he does a reverse mortgage, it willl cost him about $10,000, none of which is out of pocket.  So, he gets the $45,000 paid off, and now takes the additional $55,000 in tax free cash that the reverse allows him to borrow.  HE NEVER SENDS IN A PAYMENT ON THIS LOAN!

    If he does a refinance to access the same $100,000 ($45,000 plus the $55,000), his payment to the bank is $1000 per month.  In twelve months, he has paid, out of pocket, $12,000.  The next year, this refinance cost him $12,000 again, and so on and so on.....Each year, this loan cost $12,000, while the reverse option gets paid in one payment at the closing.

     "I have done hundreds of reverse mortgages and can help you to see if a reverse makes sense for you.  I consider myself an educator first, and I am happy to spend the time with you to see if it is an option."   - Kevin Reichard

    WARNING - On-line calculators simply fail to give you real numbers! 
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