AARP Reverse Mortgage
Is there such a thing as an AARP reverse mortgage? Not really. The AARP do not recommend any particular type of mortgage or mortgage broker. That said, they are a well-respected organization and are a great source of unbiased information. If you are doing research into reverse mortgages they are one of the sources that you should have a look at for information.
Who are AARP?
They used to be known as the American Association for Retired Persons, but not any more. They found that many members were not actually retired, so they now just stick to the AARP name. They lobby on behalf of older people and provide a community where people can exchange ideas and experiences.
Reverse mortgage advice
Before making the decision to take out a reverse mortgage, it is important to get as much advice as possible. The AARP are a useful source of independent advice and their members may be able to give personal accounts of their experiences with this type of mortgage. They are ideal for some people who want to remain in their homes, but for others there may be better options.
Alternatives to a reverse mortgage
The main alternative to this type of mortgage is to sell your home and move to somewhere smaller. This should leave you with a lump sum after the sale of your property. This is a major step and the options need to be carefully considered.
Other sources of advice
In addition to the AARP, you should also seek advice from an HUD-approved housing counseling service. They will be able to advise you if a reverse mortgage is the right way forward for you. They will also be able to tell you of any pitfalls associated with a reverse mortgage. In addition to seeking professional advice you should also speak to your family. This includes your children if they are likely to inherit your property.
Before you decide to take the plunge, read as much information as you can from the Internet and AARP on reverse mortgages. These products have given many seniors relief from financial worries, but the implications need to be fully understood.