[ad_1]
After retirement, with out common revenue, chances are you’ll generally battle with funds. In case you’re a home-owner, a reverse mortgage is one choice which will show you how to handle your monetary challenges.
What’s a reverse mortgage?
A reverse mortgage is a house mortgage that enables owners 62 and older to withdraw a few of their home equity and convert it into money. You do not have to pay taxes on the proceeds or make month-to-month mortgage funds.
How individuals use reverse mortgages
You should use reverse mortgage proceeds nonetheless you want. They’re usually earmarked for bills equivalent to:
-
Serving to kids with school
-
Shopping for one other residence which may higher meet your wants as you age
Benefits and drawbacks of reverse mortgages
Your heirs will not must repay the mortgage |
The charges value hundreds of {dollars} |
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.