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What is a reverse mortgage? Think of it as a tool that allows you to make money on your home while you live
in it. If you own your home and are over age 62, you are eligible for this program.; the bank pays you. The
process is easy, and
anybody who owns a home and is over 62 can qualify. The best part is that the money you receive is tax-free!
This program however is not free money, you are taking out a loan. Based on your age and the value of your
home, you qualify for periodic payments from the bank. Like clockwork, it generates money for you. When you
move out of your home - because of death or just a decision to leave - you will have to repay whatever you
took out. You can use the proceeds
from the sale of your home to repay. Until you move or die, you don't even need to think about this.
You can use the money from your reverse mortgage for whatever you like. Finance living expenses, or you can
use it to take a vacation. You can even use the money to buy investment property. The flexibility is
unparalleled.
It puts you in control of your finances. Your home makes money for you today - not when you sell it.
The only catch to this program is the age. You have to be at least 62 years old. The purpose of this
mortgage is to help you finance your retirement. If Social Security is not enough and your IRA is almost
empty, this is a great way to pay for your golden years. Since it is not income, the money you make does not
impact any Social Security
or public assistance that you may receive. This is money that you already have, because you own your home.
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