There are a number reasons why a reverse mortgage can be a better choice than a normal home equity loan for homeowners 62 years or older. It is an individual decision, but some of the common reasons a reverse mortgage makes more sense are: Never having to make a mortgage payment. Any payments are optional. […]
Archive | Income
Are there restrictions on how I use the income from a Reverse Mortgage?
Other than having to pay off any existing liens on your property (a prior mortgage, home equity loan, tax lien, etc.), there are virtually no restrictions on how a reverse mortgage may be used. A few of the more common uses we’ve encountered include; cash for daily living, pay for medical expense, consolidate debts and […]