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AARP Home » Money » Saving & Investing »What to Do When an Int...

Ask the Experts

What to Do When an Interest-Only Mortgage Expires

Reverse mortgage may not be the answer

by: Don Redfoot, from: AARP Bulletin, April 6, 2011

ATE mortgage rate

— Masterfile

Q. I'm 64. My interest-only mortgage is going up, but I can't afford it. Should I get a reverse mortgage? Or use all my savings to pay down what's owed and get a fixed-rate mortgage for the rest?

See also: What you should know about reverse mortgages.

A. You may not qualify for a reverse mortgage — generally you have to own your home outright or have a lot of equity in it. Using up your savings may not be wise. A housing counseling agency may be able to help you. Check with the Department of Housing and Urban Development at 1-800-569-4287.

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