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.