One of the necessary steps before you sign up for a reverse mortgage is to take an in-depth look at your income and expenses.  This will allow you to evaluate your current shortfall, if any, and help plan how a reverse mortgage can fit your needs and wants.  We have assembled this budget worksheet for your use.  It is highly recommended that you have this completed before you talk with a counselor.

 

INCOME

Wages
Interest/dividends
Pension
Social security
Miscellaneous
Income totals
 
Home
Mortgage/rent
Utilities
Home telephone
Cellular telephone
Home repairs
Home improvement
Home security
Garden supplies
Home totals
   
Daily living
Groceries 
Pet supplies
Dry cleaning
Dining out
Housecleaning service
Dog walker
Daily living totals
   
Transportation
Gas/fuel
Insurance
Repairs
Car wash/detailing services
Parking
Public transportation
Transportation totals
   
Entertainment
Cable TV
Video/DVD rentals
Movies/plays
Concerts
Entertainment totals
   
Health
Health club dues
Insurance
Prescriptions
Over-the-counter drugs
Co-payments/out-of-pocket
Veterinarians/pet medicines
Life insurance
Health totals
   
Vacations
Plane fare
Accommodations
Food
Souvenirs
Pet boarding
Rental car
Vacations totals
 
Recreation
Gym fees
Sports equipment
Team dues
Toys/child gear
Recreation totals
   
Dues/subscriptions
Magazines
Newspapers
Internet connection
Public radio
Public television
Religious organizations
Charity
Dues/subscription totals
   
Personal
Clothing
Gifts
Salon/barber
Books
Music (CDs, etc.)
Personal totals
   
Financial obligations
Long-term savings
Retirement (401k, Roth IRA)
Credit card payments
Income tax (additional)
Other obligations
Financial obligation totals
   
Misc. payments
   Other
   Other
   Other
   Other
   Other
Misc. payments totals
   
Total expenses
Cash short/extra

 

Given all this information, how long will it be before you deplete your current assets?  Please bear in mind that it normally takes 45-60 days to complete a reverse mortgage.

 

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