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Reliable Source of Income
Tax Free
No Monthly Mortgage Repayments
Money can be used for any purpose
Monthly
Line of Credit
Lump Sum
Mix and Match
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Some people who are intimidates by having to understand reverse mortgages wonder
whether it would be simpler to get home equity loan or a new mortgage that allows
them to take some equity out of their home. The problem with this strategy is
that you have to begin paying traditional mortgages loans back soon after taking
them out.
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Here’s another big drawback of taking out a traditional mortgage to supplement
your retirement income. The longer you live in the house, the more likely you are
to run out of money and begin missing loan payments, because you drain your
principal to supplement inadequate investment returns and cover your monthly
loan payment. If that happens, unlike a reverse mortgage, the lending institution
may foreclose on your loan, and you can lose your home.
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