Reverse Mortgages An Option For Seniors
SARASOTA - There is a new way for people older than 62 to acquire access to their home equity without enduring the pending nightmare of paying off loans.
They now have the option of a reverse mortgage, which converts a portion of their home’s value into cash. More and more seniors are opting to go that route to pay for medical bills, prescription medicine and other skyrocketing costs.
“Reverse mortgage has become really the only solution for people in this sort of jam,” said Stewart Ogilby, a
Sarasota-based consultant who has talked hundreds of people through the process. “As long as people stay in their homes for a long enough period of time … I don’t see any downside to this product.”
