The pages of time turn faster. You get older. And, yes, you do get wiser. You have a deeper perspective of what is important. You realize that “debt” is the enemy of financial peace. One day you wake up to your 23 year old mind and look in the mirror at your 70 year old body. What did you do? You carried a $320,000 mortgage debt into your golden years. Good news is that all of your credit cards are paid monthly to a zero balance and you no longer have any automobile loans. However $56 buys only three quarters of a single paper bag of groceries–even though “Newspeak” tells you there is no inflation. Later that day, in the office of your financial planner, you are asked the question, “Have you considered a Reverse Mortgage?” It is at this moment that the 23 year old warrior within you, Wanda, stands up (even though you are still sitting down) and involuntarily out of your mouth comes the war cry, “I am not going to get sucked in again! There is not any chance that we are going to get a Reverse Mortgage.”
What can be done? Anarchy and revolution may be impractical at 70 years of age. And in spite of your accumulated depth of wisdom, the debt highway continues to rage—sucking in the next generation (we can only hope that the Depression of 2008 has had some positive influence on our youth). The foibles of carrying a $320,000 mortgage glare at you; painfully more evident than your reflection in the bathroom mirror. Each year the monthly mortgage payments become increasingly difficult to carry.
You are already doing the right thing. You have reached out to your financial planner. You drove to their office, sat down, and you willing listen to someone else’s perspective. Considering the disadvantages and the advantages of a reverse mortgage should never be done alone. You need the perspective of advisors who love you, know you and care for you to help you make the right decision. Who can be your advisor? Possible advisors could be your children, your grandchildren, your financial planner, your accountant, your pastor, and your mortgage broker.
Yes, we all feel pulled along through life’s debtor highway. My prayer is that you employ your advisors who will help you recognize life’s upcoming interchanges and graciously influence your decision to interchange onto the highway leading to your financial peace.