Reverse Mortgages: Are They For You?
In today’s economy, many older people have seen the value of their retirement funds decline substantially. Some are struggling to make ends meet, cannot afford their medication or are living on high interest credit card debt. If you are one of these people, there may be another solution. If you and your spouse are 62 years old or older and have equity in your home, you may have the option of a reverse mortgage. A reverse mortgage allows you to tap into the equity in your home to pay off your home loan. This eliminates or reduces your monthly payments and...
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