Many seniors find maintaining a home daunting, especially while they’re trying to enjoy a quality retirement, meet daily living and medical expenses, and fund hobbies.
Some are overcoming such financial hurdles by taking out reverse mortgages. Such loans allow you to convert your home equity into dollars. Those dollars then can be used for anything from upgrading your current home to paying for medicine or home-based health care. You poured money into your house for years and now you’re reversing the process—taking money out. A reverse mortgage is a loan, yet functions as if you sold your home early and you’re getting paid while still occupying the property
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Reverse Mortgages, including the The Home Equity Conversion Mortgage (HECM)
-Reverse Mortgages for Dummies by Sarah Glendon Lyons and John E. Lucas (Wiley Publishing, Inc., 2005)
-The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income by Tom Kelly (Wiley, 2005)
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