Reverse Home Mortgage

Retirement is a scary word for many people these days, as a recent study indicates that 1 in 4 people in the United States don’t even have any savings. As the economy continues to struggle, many recently retired people are looking at a reverse home mortgage to help them afford to retire. Even though this option has now been around for a number of years, many people still don’t know how a reverse home mortgage works and who should or should not pursue one.

A Reverse Home Mortgage Defined and Explained

The reverse home mortgage is a great tool that can help many people immensely when it comes to financial planning in their later years. It is basically the opposite of a regular mortgage. If you own your home outright and it is your primary residence, then you probably qualify for a reverse home mortgage. Instead of paying the bank, they pay you. If you are done paying for your home, then you probably qualify for this option even with bad credit.

Different Ways to Get Money with a Reverse Home Mortgage

– All at Once

Many people prefer to have all their money at the same time with a reverse home mortgage to pay off an urgent bill or invest in something.

– Monthly Payments

This option is great if you want a steady amount of money coming month after month as a form of income from your reverse home mortgage.

– Credit Line

This option is for those who want more of a home equity line type of payment from their reverse home mortgage. You are not ever required to withdraw the money, but it is always there when you need it.

– A Mix of Methods

Depending on the bank you choose, the way you get your money with your reverse home mortgage can vary depending on how you negotiate it. You could get some up front and then get the rest in monthly payments or a credit line. It can completely be based on your own preferences

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