Is a Reverse Mortgage Right for You?
Many seniors are living longer and looking at the equity in their homes as a way to pay for the escalating cost of living.
A reverse mortgage is one option.
Ursula Thompson is a homeownership coordinator with the Mississippi Housing Partnership. She counsels seniors and others on all aspects of home ownership, as well as reverse-mortgage requirements.
“What you’re actually doing is putting your home up for collateral,” she said.
The home ownership coordinator said the loan against your home doesn’t have to be repaid as long as you live there, but there are stipulations.
Post from: Reverse Mortgage Loan Blog
