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Reverse Mortgage Quiz: Is It the Right Option for You?

Reverse Mortgage Quiz

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.

  • Question of

    Do you already have savings?

    • No, we don’t
    • Not a lot
    • Yes, some
    • Yes, we have plenty
  • Question of

    If you don’t mind us asking, how old are you?

    • Over 65
    • Over 60
    • Over 55
    • Over 50
  • Question of

    Do you care about leaving money behind for your family?

    • Nope
    • Not particularly
    • Yes, I would like to if possible
    • It’s very important to me
  • Question of

    Would you say your home is in good order?

    • It’s perfect
    • It needs no major work
    • It could do with some work
    • It needs a lot of work
  • Question of

    Is there any chance you’ll want to move in the near future?

    • Definitely not
    • Probably not
    • Possibly
    • Yes
  • Question of

    Do you have a mortgage currently?

    • No
    • It’s almost paid off
    • Yes, owe a fair amount
    • Yes, still owe a lot
  • Question of

    Do you have federal debt?

    • Nope
    • Yea
    • Yes, and worry we may fall behind on payments
    • Yes, and we’re already behind on payments
  • Question of

    Could you lower your expenses instead?

    • Nah
    • Possibly
    • Yes, a little
    • Yes, a lot
  • Question of

    Is downsizing feasible instead?

    • No
    • Probably not
    • Possibly
    • Yes
  • Question of

    What do you hope to do with the money?

    • Use it for investments
    • More holidays
    • Daily living
    • Don’t know yet

Written by Siddhesh Jain

My name is Siddhesh Jain, and I'm the fastest man alive (when it comes to learning, that is). I've been acquiring knowledge and learning new strategies for years, and I'm here to share my vast experience with you. What's my goal? Simple, I want to help every young entrepreneur succeed. Follow me on my journey!