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Word Wednesday: Reverse Mortgage
"An investment in knowledge pays the best interest."
Yesterday, I had the opportunity to sit down with Janice Brown from the Wenatchee office of American Pacific Mortgage. The subject was Reverse Mortgages.
Reverse mortgages are one of those loan products that has been much maligned and misunderstood. Honestly, I've heard a lot of negatives about Reverse Mortgages, but Janice is one of those people I trust to tell me the truth... the good, the bad, and the ugly.
I learned that Reverse Mortgages have many more dimensions than I ever imagined. I had always thought of them as a financial tool for senior citizens with a very limited income who need to use the equity in their home to subsidize their monthly income. What I did NOT know is a Reverse Mortgage can also be used as a wealth building tool for those who already have substantial assets and adequate income.
I asked Janice to write a series of posts explaining some of the lesser-known aspects of Reverse Mortgages. I hope she takes me up on the offer so I can post them here.
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