You are 62 years or older and you own a home. Or your parents are 62 or older and own their own home. You hear about
reverse mortgages from a news article or
an advertisement or a website. Or maybe
from a friend or relative. Or you might
contact a reverse mortgage lender
on the phone or on the internet. You hear
that you can borrow against the equity in
your home while you still live in it. You hear
that this is a loan you do not have to pay back
until you leave the home permanently.
Your interest is sparked.
This might be just the right financial solution
for a current or a future need. You can
use a reverse mortgage to pay off your existing mortgage and lower
your monthly expenses. You can use it to pay for
health care. Or it might just provide you
with the peace of mind that comes from knowing you
have cash available.
As a responsible consumer, you want to
educate yourself, you want to learn as
much as you can about a reverse mortgage.
So where do you turn?