Reverse Mortgages: A Popular Way to Finance Retirement -- But Beware of Scam Artists

more+
less-

Many seniors enter their "golden years" with bleak prospects because of increasing debts, poor debt management and decreasing buying power.

One thing many seniors have in common is their main asset -- their home. Many elderly people own a home, and often they have either substantial equity in the home, or they own the property free and clear.

While some people seek to consolidate debts by getting a new mortgage loan or a second mortgage, many seniors don't have enough income to qualify. And even if you qualify for the home mortgage loan, the prospect of paying off a 30-, 20- or even 15-year mortgage note may mean having to greatly tighten your belt for the rest of your life, creating undo financial hardship and stress.

Now you have another option

A reverse mortgage is a special type of home equity loan that lets a homeowner convert the equity in the home into cash. The home equity built up over years can be paid to you in a lump sum, in a stream of payments, or as a supplement to other income. Loan advances are not taxable and do not affect your Social Security or Medicare benefits. But unlike a traditional home equity loan, no repayment is required until you no longer use the home as your principal residence. For many seniors a reverse mortgage may be the solution to substantially improving their financial position, eliminating many money worries like paying the household bills and properties taxes, eliminating credit card debt and loan debt.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Fonfrias Law Group LLC. | Attorney Advertising

Written by:

more+
less-

Fonfrias Law Group LLC. on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×