You’ve found this reverse mortgage quiz because you have a very big decision to make. Freeing up your equity would be nice, but is it the correct move for you at this point in time?
You may see the dollar signs and think this is the best idea ever, but there is a lot to take into consideration.
You need to think about whether you want to leave anything to your family.
You also need to consider how quickly you’re going to go through the money with the plans you have in mind and if it would be better to wait.
We’ve made this quiz so you can know whether you’re doing the right thing.
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Question of
Do you already have savings?
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No, we don’t
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Not a lot
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Yes, some
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Yes, we have plenty
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Question of
If you don’t mind us asking, how old are you?
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Over 65
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Over 60
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Over 55
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Over 50
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Question of
Do you care about leaving money behind for your family?
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Nope
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Not particularly
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Yes, I would like to if possible
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It’s very important to me
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Question of
Would you say your home is in good order?
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It’s perfect
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It needs no major work
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It could do with some work
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It needs a lot of work
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Question of
Is there any chance you’ll want to move in the near future?
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Definitely not
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Probably not
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Possibly
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Yes
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Question of
Do you have a mortgage currently?
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No
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It’s almost paid off
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Yes, owe a fair amount
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Yes, still owe a lot
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Question of
Do you have federal debt?
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Nope
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Yea
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Yes, and worry we may fall behind on payments
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Yes, and we’re already behind on payments
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Question of
Could you lower your expenses instead?
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Nah
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Possibly
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Yes, a little
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Yes, a lot
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Question of
Is downsizing feasible instead?
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No
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Probably not
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Possibly
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Yes
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Question of
What do you hope to do with the money?
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Use it for investments
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More holidays
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Daily living
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Don’t know yet
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