Most people reading this newsletter are not qualified for a reverse mortgage (you have to be 62 or older), but you might know someone who could benefit. Briefly, the borrower gets cash out of their home, does not pay for the loan, and still owns their home. It’s a great way for seniors to use the appreciation of their home for living expenses, medical payments, or paying off other debt. It can also be used to purchase a home and have no mortgage payments.
If you know a senior who could use some funds, I’d be happy to help them understand the details and if it is the right option for them.