What are the financial advantages of a reverse mortgage for senior citizens?
Scott: “For a majority of Americans, their home’s equity is their biggest asset. A reverse mortgage allows homeowners, age 62 and over, the ability to convert part of their equity into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payments are ‘reversed.’ Instead of making monthly payments to the lender, as with a traditional mortgage or home equity loan, the lender makes payments to you. “You can access your funds for any reason — health care, home improvement, prescription drugs, a new car or even to help pay for a grandchild’s education. With interest rates below 5.6%, there has never been a better time to look at the options associated with a reverse mortgage.” HW: New packages and products are entering the fold of the reverse mortgage portfolio. What does the future of reverse mortgages look like? Scott: “The most exciting thing about reverse mortgages is what the future ho
