When a Reverse Mortgage Makes Sense
- Posted by admin on May 11th, 2007 filed in Reverse Mortgage Info
Question: I’m 65. I own my own home and would like to maximize the equity in it. Is a reverse mortgage a good way to do that? Also, which company should I approach for this? I’m a widow with no children. -Jitka
You should consider a reverse mortgage only if you plan on staying in your home. This will give you a monthly income by drawing down the equity in your home. The downside is that it can be expensive, and a reverse mortgage reduces what you are able to leave your heirs.
Remember, you have to fully own your home. That means having no debt, such as a home equity line of credit or a regular mortgage. You can visit AARP.org to find out where to get such counseling services.
To find out more about different lenders, get in touch with the National Reverse Mortgage Lenders Association. They’ve developed “best practices” for their lenders.
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