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We will consider the hard costs involved in a reverse mortgage and also explore some of the soft costs that do not show up on any spreadsheet or disclosure form. For homeowners over age 62 with considerable assets other than the equity in their home or for those people whose goal is to leave all of the equity in their home to their children, reverse mortgage costs may not make sense. Or, if taking money out of the home, especially after it’s completely paid off, is adverse to one’s investment philosophy, it’s unlikely even an attractive program would alter that mind-set. However, before cashing your stock, paying the capital gains tax, and handing the remainder to the kids for the down payment on their first home or other expenditures, take a peek at using the reverse mortgage as an alternative financing plan. Once a stock is cashed, it’s gone. Some of the costs of the reverse mortgage and funds extended to the kids could be recovered in future appreciation as you remain in the home.
“A lot of the people in the reverse mortgage age lived through the Depression era,” said Rachel Brichan who focuses on jumbo reverse mortgages for the Irvine, California-based Financial Freedom. “To them, you were expected to have the house paid off by the time you retired. Somehow you felt like a failure if you didn’t. It’s hard for them to break through that mentality, but it’s becoming more of a financial question now because of what their homes are worth.”
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