For many people who need to increase their cash flow, a reverse mortgage can be a nice option. A reverse mortgage lets you take advantage of the equity you’ve accrued in your home over time. It provides money to homeowners over the age of 62, and is attractive to people who have paid off most or all of their conventional mortgages. The extra money can help individuals who have retired, are unable to continue working, or need some extra financial stability during their golden years.
There are numerous benefits from a reverse mortgage. The most obvious advantage is the extra cash that can be distributed to the borrower in a variety of ways: a lump sum payment, a schedule of monthly disbursements, a credit line which is available as needed, or a combination of these choices. Continue reading
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