I need cash. Should I try a reverse mortgage or just move?

Q. I am a 69-year-old registered nurse. I haven’t worked for the last four years because employers consider me old and too expensive for them. I supported myself with my IRA, Social Security and a small monthly pension. I have about $ 550,000 in equity in my home, but I have a mortgage balance of $ 260,000. I can’t refinance because my debt ratio is too high. I am in despair and discouraged. I am a housewife but poor every day. Is there another way to approach equity as a reverse mortgage or should I just move on? I have no family to leave my farm to.

A. We are sorry that you are having a hard time with your finances.

In general, reverse mortgages may not be the most effective way to access equity in your home, said Ken Van Leeuwen, a certified financial planner with Van Leeuwen & amp; Company in Princeton.

“You mentioned relocating to another state, but that may not be necessary either,” he said. “Have you considered selling your current home and possibly downsizing or renting in the same area? You may be able to get a very attractive price to sell your current home and be able to rent something for the time being. “

If you sell your home high, Van Leeuwen said you will probably buy high as well.

Renting could be a more viable option to maximize your cash flow, assuming you are comfortable renting for a period of time until home prices return, which is not guaranteed, he said.

“Ultimately, you’ll want to make sure you understand all the underlying fees and expenses for whatever option you choose,” he said.

Email your questions to Ask@NJMoneyHelp.com.

Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com’s weekly e-newsletter.

Note to readers: if you buy something through one of our affiliate links, we can earn a commission.

This content was originally published here.


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