Hello. I am senior who doesn’t know very much about financial stuff. I own my house and you can say that I am satisfied with my life. I have heard that for me there is a possibility to improve it more. What can you tell me about reverse mortgage?
To be eligible for that you must have at least 62 years and paid mortgage in full. If this is a case you can access the money you have invested in your house. You have a lot of benefits from this. You can receive tax-free funds as long as you live and you don’t have to repay loan. You wont be asked for income or credit requirements. You will stay owner of you house as long as you pay insurance and taxes. It is also good because there are no restriction on how you will use these funds and you can choose a cash flow that suits your needs.
