Okay, so what's the one thing everybody knows about reverse mortgages?
you don't have to make any monthly payments, right? ever, correct?
but you also know that you can if you want, right?
No MONTHLY PAYMENTS
that's pretty cool, so what does that mean? what's the impact?
well, if your principle and interest payment would be $1,000 a month, with a reverse mortgage you'd have an extra $12,000 per year in residual income that you would not have. that's $120,000 over the next 10 years.
that's just math. now do you want the $$$? what would you do with it? do you think you'll need it?
and that's no monthly payments required ever, like forever man.
forever's a real long time.
just a little note here, my mother in law who just passed this year was 90 years old.
many seniors need that. they may need it now, or in the very near future.
if they don't they can invest the $$$ in a retirement plan, savings, whatever, do work on the home.
they will need to pay for their taxes, insurance, and maintenance on their home.
but do not quickly dismiss the power of no "required " monthly payments. once again let me say;
No Monthly Payments!
Ever, Never, Forever!