
Retire Right: Most Common Uses for a Reverse Mortgage
In general, I believe there are three primary categories of the ways that homeowners use a reverse mortgage: needs based, lifestyle based and planning based.
In general, I believe there are three primary categories of the ways that homeowners use a reverse mortgage: needs based, lifestyle based and planning based.
I have had clients in the past tell me that reverse mortgages are confusing, and I do not disagree, they certainly can be confusing.
When you retire, would you rather have $500K of home equity and no cash in the bank? Or would you rather have $500K of cash in the bank and no home equity?
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In one sentence, a HECM/Reverse Mortgage is a home equity loan that does not require traditional monthly payments.