Older Americans heading into retirement often discover that they don’t have enough money set aside for living expenses. Or they may need to pay down debt because the large amount of equity in their home is preventing them from filing bankruptcy. They need the cash to pay the debt, but don’t have they money in their budget.
This is where a reverse mortgage may be the solution. They’re not for everyone, but in the right situation can be a lifesaver. That is why in this episode of the podcast, I wanted to talk about these loans, what they are, what they aren’t, the pros, and the cons. If it sounds like the right solution for your situation, you should talk to a financial professional about taking the next step.
If you or your spouse are age 62 or older, find out:
- What a Reverse Mortgage is and What It Isn't
- The Pros and Cons
- How You Might Qualify for One
- How Much You Can Borrow
- If You Can Use One to Buy a House
- When the Loan Falls Due, and
- What Can Be Done When That Happens
Links & Show Notes