Reverse Mortgage Loans
For several years a reverse mortgage has been the chosen "flavor" of the month for seniors age 62 and over. Basically, it's a special type of home equity loan that allows senior citizens to convert a certain amount of their home equity that has been building up for decades, and use those funds however they like with no more monthly payments to worry about. There are a few reverse mortgage loan "gotcha's" involved, but nothing to be concerned about if you deal with a specialist. And the fact that no monthly payments are involved clearly negates any negative conundrums.
However you will still be required to remain in the home as your permanent residence as well as continuing the burden of paying property taxes and your homeowners insurance. Also depending on your reverse mortgage lender you many be required to receive and understand consumer information counseling prior to the loan closing. But since some of the parlance can be confusing, this could be a good thing. So close the deal, use the money anyway you like and remember you still will retain 100 percent ownership.
However you will still be required to remain in the home as your permanent residence as well as continuing the burden of paying property taxes and your homeowners insurance. Also depending on your reverse mortgage lender you many be required to receive and understand consumer information counseling prior to the loan closing. But since some of the parlance can be confusing, this could be a good thing. So close the deal, use the money anyway you like and remember you still will retain 100 percent ownership.