Reverse Mortgages Are Mainstream Talk Again
Reverse mortgages are again being talked about around the retirement tables. Reverse mortgages are certainly not new, but the rules and conditions for use are striking the right chords with some baby boomer retirees.
In short, reverse mortgages can help enhance retirement income by offering an alternative means to alleviating housing and living costs without having to draw from investment accounts. While there are many different reasons for someone looking to utilize the benefits, one thing remains key; you must be 62 years or older to qualify.
In short, the opportunity to utilize the equity position in the home you reside in while eliminating monthly payments on it (excepting taxes and insurance) can be realized to a qualified homeowner and property. These FHA insured financial vehicles are being looked at more and more with today’s tight housing markets too.
The reverse mortgage opportunity is one that should be thoroughly explained by your lending or financial management professional. Well worth the look.