A valuable bit of advice on reverse mortgages. Many seniors see this as a way to put more money in their pocket but don’t always take the time to weigh the risks. There are sources on the Internet including calculators that can determine just how much you would be draining your current home equity when using a reverse mortgage for expenses. You always want to complete your “due diligence” and find out exactly what the interest rate will be along with just how much you can afford to slice into the equity within your home.
Holiday periods like Easter can be challenging for some retirees, who want to lavish treats on their grandkids even if it means scrimping on personal spending to get by financially. A reverse mortgage can provide welcome extra cash for seniors though it’s an option that should be carefully considered.
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Chris Mesunas 