Properly Using a Reverse Mortgage
Thursday, December 7th, 2006
Recently a question was posed to us by a retired gentleman from California about how he could use a reverse mortgage to fund his retirement. As I pondered his question, I decided to post the response here. He is the situation.
He’s a 69-year-old widow and I receive about $1,200 a month from Social Security and a small pension check. I own a small home valued at about $300,000, and no other assets. I have about $15,000 in debt that requires payments of $500 a month.
A California reverse mortgage could be your answer. What’s great about a reverse mortgage for retirees is that it allows you to pull out the money that’s built up in your home while you’re still living there - you don’t have any mortgage payments and you don’t have to worry about repaying the loan as long as you are living in your home.
To discuss your reverse mortgage options you can check out Reverse Mortgage California. They specialize in helping folks in similar situations get the funds they need to fund their retirement.
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