Posted 07/11/2008
Reverse Mortgages
Question: We're thinking about a reverse mortgage. Can you discuss the benefits and drawbacks?
Answer: If you plan to never leave your house, reverse mortgages work well to supplement your income after you turn 62. "Selling" your house without moving does have some decided advantages, especially if there is no one to leave your house to. However, the payment is usually fixed, and there could be adverse consequences if you do move. Contact a reverse mortgage specialist—just as you would for advice on a particular medical condition.
Answer: If you plan to never leave your house, reverse mortgages work well to supplement your income after you turn 62. "Selling" your house without moving does have some decided advantages, especially if there is no one to leave your house to. However, the payment is usually fixed, and there could be adverse consequences if you do move. Contact a reverse mortgage specialist—just as you would for advice on a particular medical condition.
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