The old notion that reverse
mortgages should only be taken out as a last resort simply is no longer
true today. In fact, I believe there are five ways reverse mortgages can
improve your retirement income plan.
There is a healthy skepticism about reverse mortgages, and that’s not necessarily bad, because people should exercise caution when utilizing debt. But reverse mortgages can improve retirement spending outcomes in a sensible way.
See more: How A Reverse Mortgage Can Help Your Retirement
How A Reverse Mortgage Can Help Your Retirement
First, a definition: A reverse mortgage is a way to convert home equity from your primary residence into a usable resource if you are at least 62. It is truly a mortgage in reverse. The lender provides a benefit based on the amount of equity you have in the home. Unlike a traditional mortgage, payback is optional. But you do need to make timely payments of property taxes and homeowners insurance.There is a healthy skepticism about reverse mortgages, and that’s not necessarily bad, because people should exercise caution when utilizing debt. But reverse mortgages can improve retirement spending outcomes in a sensible way.
See more: How A Reverse Mortgage Can Help Your Retirement
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