Look before slamming it into reverse
Reverse mortgages are held out as an excellent way for house-rich, cash-poor seniors to tap into their equity without having to sell and move. And they may well be a good choice for some people. But they are not the only option.
A reverse loan is meant to let people 62 or older convert equity in their homes into tax-free income without having to sell, give up the title or move.
Instead of you paying the lender every month, the lender pays you-monthly, in a lump sum or as you need cash -ostensibly so seniors can live their golden years in relative comfort.
The amount of money available is based on current interest rates, lending limits, your equity, your age and how long you can be expected to live.
Post from: Reverse Mortgage Loan Blog
