From Today’s Clark Howard Show

If you’re 62 or older, and you own your own home, and you need extra cash coming in each month, then you may want to think about getting a reverse mortgage.

A reverse mortgage will give you either a lump sum or monthly amount and you won’t owe a penny back until after the house is sold. If you have parents who are elderly and have cash-flow problems, a reverse mortgage might help.

Here are some resources for more information:

  • Financial Freedom is the largest reverse mortgage lender in the country. www.financialfreedom.com
  • Ken Schoelen helped launch the concept of reverse mortgages. Find him online at www.aarp.com
  • HUD has good information on reverse mortgages at www.hud.gov
  • Fannie Mae also has information on reverse mortgages at www.homepath.com

July 11, 2006.


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