A Reverse Mortgage can be a very useful tool for estate planning, retirement planning, or for just adding extra cash or income. The choices offered with a reverse mortgage are a lump sum of cash to pay off existing mortgage and/or debt or just to put in the bank. You may also choose a lifetime income or a third option, a line of credit. The line of credit allows you to draw money as needed and like any line of credit, you pay no interest on any money not used. Unlike other lines of credit, this one cannot be reduced or taken away during hard economic times when you need it the most.
There have been several changes over the past few years that have increased oversight by HUD and has actually made reverse mortgage safer and in some cases, less expensive. A Reverse Mortgage is more complicated than a regular mortgage so it is important to seek advice from a trusted advisor.
There is no fee for my consultation.
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