With all of the baby boomers getting older, how many are aware they can use a reverse mortgage loan to pay off their existing real estate loan and have no monthly payments?
Or, how about downsizing to a smaller home, take your existing equity and invest it with a wealth manager and have no payments on the reverse mortgage, while creating an income stream?
There are many ways to use a Reverse Mortgage Loan and those of you who have not done your homework should really do so. Of course, you must understand that this is a "negative equity" loan, but for those of you who do not plan on leaving anything to your heirs, this may be the way to still maintain an ownership in real estate while not having any monthly payments do deal with!
For those of you in Ukiah, California, Mendocino County, California, Sonoma County, California, feel free to contact me with any questions!
Comments(0)