March 18, 2024
Question:
I've seen commercials on TV for reverse mortgages, is that something that I should consider?
Answer:
Reverse mortgages are more highly regulated than they used to be and in certain cases may be a good option.
A reverse mortgage might be worth looking into if you are over age 62, own more than 50% of your primary residence, and need additional income.
You also want to be sure that you are staying in the home and that you are comfortable leaving the property to your heirs with a mortgage attached to it that will need to be paid off.
If these items apply to you, consider talking to a financial planner about this option.
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