Reverse Mortgages
Banks are happy to lend you money against your home, not
ask for any payments and collect only when you die or move from your house.
What a deal!
Reverse mortgages can be a fantastic way for seniors (must
be age 62+) with home equity to use that equity to increase income. The equity
in your home is like a bank account paying you zero interest. Why not use that
asset to live more comfortably?
Many seniors may want to leave their home to heirs. But
if in fact they need income, why not live a better life and turn that home
equity into income? Because no payments are made on reverse mortgages, the
senior homeowner gets a lump sum or monthly payments without ever needing to
worry about making repayments. Payments will be due only if they move from
the house. Let the kids make their own money.
With trillions of dollars in the home equity of seniors,
this is a great source of potential retirement income. And while less than
500,000 reverse mortgage loans have been made nationwide, this source of retirement
income is growing fast and maybe one source of retirement income that saves
many baby boomers.
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