Reverse Mortgages

A reverse mortgage is one way that older adults, 62 years or older, can get extra income to assist with just about anything. A reverse mortgage does this by paying out either a lump sum or monthly payment based on the equity in the home so that you have money for bills or other expenses. Reverse mortgages are usually part of a general estate plan for older adults, and should be entered into carefully. As long as you live in your house, you would not have to make any payments back to the bank on your reverse mortgage. However, if you move, sell your home, or die, either you or your heirs would have to pay back the amount that was paid to you over the life of the loan. 

Reverse mortgages can be expensive and are not for everyone. Your best course of action is to speak to an attorney about your estate plan and speak to them about whether a reverse mortgage is right for you considering your circumstances. Call and schedule your consultation with an estate attorney today.