Reverse Mortgage Loan Provides Extra Income

Added September 26, 2005 by Think Glink Staff

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Summary: A reverse mortgage may be a way to obtain some extra income, especially if you're elderly or retired. A reverse mortgage lets you get the equity out of your home without having to sell it or take on another loan such as a home equity loan. Learn who might be a good candidate for a reverse mortgage, or HECM.

Q. Why Are Reverse Mortgages A Good Idea?

A. Reverse mortgages can be an excellent option for seniors who are on a fixed income or living off savings, but who need some extra cash in hand to supplement other sources.

Essentially, a reverse mortgage lets them spend the equity in their home without having to sell the home.

If you need more money to live, it might occur to you to sell your home and move into an apartment.

With reverse mortgages, there is no need to sell the home to get additional money. You can still live in the house and get extra money to live - the best of both worlds.

As you receive reverse mortgages, your equity in your home will decrease. But, equity is not a tangible asset. As such, you may not notice your equity going down, but you will certainly notice and enjoy the money that's regularly deposited into your checking account!

Sept. 26, 2005.

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