Is There a Right Time to Get a Reverse Mortgage Loan? There may be many seniors out there, 62 years of age and over, thinking about applying for a reverse mortgage loan. Whatever the reason for their consideration, one of the questions they may be asking themselves is: is there a right time to consider a reverse mortgage? I don’t think there is a right or wrong time to consider a reverse mortgage loan, mostly, because every situation is different. If a homeowner is looking to pay off their mortgage in order to live debt free then the sooner the better. Especially if they are looking to retire soon or are already retired. The fact of the matter is, even if a reverse mortgage only pays off their mortgage, that is one less monthly payment they will have to worry about. Even better, a reverse mortgage loan can pay off their mortgage and whatever equity is left over can be stored in a line of credit whose unused portion will continue to grow through the years. If a homeowner is looking to get the most of out their reverse mortgage, they may be better off waiting until their older, say 70 years of age and older. However, they run the risk of a lower value limit and a higher expected interest rate (predominantly anything higher than 5.6%) both of which can hinder the amount they can receive if they obtain a reverse mortgage. Most importantly, aside from timing, homeowners have to be confident that they are making the right decision, for themselves, their spouses and their heirs (if they have any). Personally, I think THAT is the right time to apply for a reverse mortgage loan, when it is the right decision for their personal situation. This is a crucial part of my business and one of the aspects I’m most proud of. When homeowners call me, they not only get someone local, they get someone that will be with them every step of the way, explaining the program and making sure they get the best service possible. While some homeowners may wait for the right time, there probably will never be a right time, but going with your gut feelings may be just as important to your financial decisions as timing.  Interested in a reverse mortgage or simply want more information? Give PS Financial Services a call at (888) 845-6630 or via email at We do not pressure those who inquire. We are simply here to help.