Using a Reverse Mortgage for Cashflow

A Reverse Mortgage might be for you if you have a large amount of equity in your primary home, you want to have more monthly cashflow in your retirement years, and you are not planning to sell your house anytime soon. The lender simply pays off any existing balance on your house and provides you with a defined, guaranteed monthly cashflow until such time as you die. At that time, your house is sold and the lender gets back their investment (with profit) and the balance goes to your estate. There are normally provisions for you to sell your house earlier, if you desire, but with certain fees and/or penalties.

You should investigate a Reverse Mortage thoroughly and discuss it with your Financial Planner, CPA, or Attorney before entering into any mortgage agreement. Ther are many disreputable folks out there who scam senior citizens; just be sure you are aware of who you are dealing with and what are the consequences.

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