A reverse mortgage home equity loan can be a Godsend to many people but not to all. Believe it or not there are some folks who are not right for a Reverse Mortgage Home Equity Loan.

Reverse mortgages have gotten a lot of publicity lately and will probably get a lot of press in the future as baby boomers near retirement age. A reverse mortgage is a home equity loan that you do not repay as long as you live in the home. You must be at least 62 and the house must be debt free or you must be able to pay off the debt other wise you can not qualify.

We have explored the many benefits of a home equity loan reverse mortgage and why they are a Godsend for many people. But they're not the answer for everyone.

There are many big time issues that need to be explored before you sign on the dotted line for a reverse mortgage home equity loan. Maybe that is one of the reasons why it is mandatory that everyone go thru counseling with a trained counselor prior to executing the documents for the loan.

The biggest issue that needs to be decided is whether or not you are going to stay in the house. There may be many emotional reasons with fond memories for this. This cannot be taken lightly. What are the options? Where will you live? How much will it cost?

For many, LONG TEM CARE is a looming expense that is huge. Without insurance to cover it the home may be the only source of funds to pay for this almost certain expense.

On the surface it is a no brainer, for many people though there can be many mitigating circumstances that muddy the water making it NOT the right thing to do. Do your homework and get your mandatory counseling before making this huge decision.