01/16/2018
Down sizing because you need money to fund your retirement?
How about a Reverse Mortgage.
A reverse mortgage is a loan generally available to senior citizens; it uses the equity of your home to provide you with a monthly or yearly income source. The available equity is paid out to you in smaller payments over time or in a considerable sum once a year.
However, there are setbacks in choosing the reverse mortgage for your income solution. There are upfront costs, insurance, appraisal fees and lawyer fees that can quickly consume your equity. You could end up losing full ownership of your home. Once all of the equity is gone from your home, the bank or your lender will own your home.
Call me for for detailed information.