Today's Reverse Mortgages have strong consumer protections, not like the legacy loans of yester-year that ruined some folks lives. Granted, they are not for everyone but a Reverse Mortgage could be a financial lifesaver for someone who wants to tap the equity in their home. Instead of having to make mortgage payments, they receive monthly payments or a lump sum. For someone who would not even qualify for a home equity loan because of limited income, poor credit or no credit, a Reverse Mortgage can help those 62 years and older stay in their home and enjoy their well deserved equity now.
Two good links for more info:
1. Tom Kelly, a fellow Bainbridge Islander who is a real estate author, talk show host and syndicated columnist, wrote the book on Reverse Mortgages. You can find it on his site (and a lot more) at www.tomkelly.com
2. Check out a AARP's "Reverse Mortgage" calculator at http://www.rmaarp.com
Or shoot me an email at khawkins@golfsavingsbank.com
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