Reverse Mortgages

A Reverse mortgage is a type of home loan that supplies you with steady flow of tax-free income unlike a traditional home mortgage.

A reverse mortgage is the reverse of a traditional mortgage. A traditional mortgage requires you to make monthly payments that in turn build up your equity raising your home value.

With a reverse mortgage on the other hand, your debt accumulates as you are not making payments on the loan until the loan period ends or you move out of your home, thus turning the value of your home into cash.

There are many upsides and downsides to reverse mortgages. It may or may not be the proper thing for you to do. It is imperative you sit down with an estate planning attorney or trusted financial advisor that can help you determine if a reverse mortgage is in your best interest.

Discover more information about a reverse mortgage by visiting your state’s NRN sponsored website:

• Ten Things to Know about Reverse Mortgages