Are your parents struggling to make ends meet with their retirement income? Many homeowners are taking advantage of reverse mortgages as a means of being able to live more comfortably during their retirement years. A reverse mortgage offers individuals aged 62 or older to tap into the equity in their homes as a means of supplementing their monthly incomes.
Getting a reverse mortgage does not involve selling the home, nor does it require the homeowner to take on a new monthly payment. With a reverse mortgage, instead of the homeowner paying the lender, the lender pays the homeowner. Reverse mortgages can come in very handy for helping with day-to-day living expenses, as well as with unexpected and emergency expenses.
Your parents could receive additional income each month with a reverse mortgage. Some individuals opt to receive their reverse mortgage payments in a lump sum instead of monthly payments, and others choose to set their funds up so they can simply draw against them as needed. A reverse mortgage can help with daily living expenses, or with the unexpected such as medical bills or emergencies such as car or home repairs.
Reverse mortgages are...
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