Question:

Should I use reverse mortgage funding if I am retired?

Answer:

If you are 62 or older, reverse mortgage funding may be an excellent way for you to increase your income and not have to worry about financial issues in your retirement years.

You should know that the later in your retirement you tap the remaining equity in your house, the larger sum you will be entitled to receive - either in a lump sum, in monthly payments, or as a line of credit. However, it doesn't make sense to wait too much for your reverse mortgage funding. Especially if you live in an area with appreciating home value, your equity may be increasing along with your age, so you can afford to sign for a reverse mortgage and stop worrying about repayment or exhausting equity early in your retirement. You have to discuss these options with your kids, spouse and a reverse mortgage counselor, though.

Many reverse mortgage funding programs will assure that you will never owe more than you borrowed (this is what you have to be looking for - a non-recourse reverse mortgage loan), so you should be able to use reverse mortgage funding to solve any financial troubles you might be having.

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