The answer to this complicated question depends on a few different factors. Though many may say that a Reverse Mortgage may be an expensive way to borrow, it is proven that this option is the best for aging seniors.
A
reverse mortgage is a loan, available to people age 62 and older, paid
to you either in installments or a lump sum, for which you use your home
as collateral. It is important to learn about the pros and cons of reverse mortgages before you make any decisions.
A
reverse mortgage may be the right choice if most of your wealth is tied
up in your house — meaning you are cash poor and asset rich.
The following link can help you understand reverse mortgages and decide whether one makes sense for you. http://hecmreversemortgages.com/about_hecm.html
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