Reverse mortgage is a loan secured by your home that gives you cash now in exchange for your obligation to repay the loan in the future. It allows you to tap into the equity you've built up in your home over the years and receive cash to use as you choose. Through the life of your reverse mortgage, you continue to own and live in your home. To be eligible for a reverse mortgage, all of the homeowners must be age 62 or older.For some homeowners age 62 or older, a reverse mortgage can be a helpful financial tool.
Reverse mortgages can be used for anything: daily living expenses; home repairs and home improvements; medical bills and prescription drugs; pay-off of existing debts; education; travel; long term health care; retirement and estate tax planning; and other needs you may have.
Within each standardized medicare supplemental insurance plan, benefits are identical from one company to the next despite what a salesman may imply. But, premiums do vary significantly. The best time to buy a Medicare supplemental insurance policy is during the first 6 months after you enroll in Medicare Part B. This is the only time when insurers have to accept you regardless of any preexisting health conditions. Please be sure to read your lender's disclosure statement if a reverse mortgage is right for you.
Today's Seniors
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