A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
What is a Reverse Mortgage?
A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the current equity in his or her home into a lump sum cash payout, monthly payments, or a credit line.
A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
One of the most essential and basic questions of retirement planning, is the one that is unfortunately also the most ignored: does your retirement plan cover health care issues? It is important to start thinking about health care issues as you begin planning for your retirement needs. Always remember that planning ahead will protect you and your family from the possibility of having to pay considerable health care costs, or worse, being unable to afford health care or long term care when you need it.
If you’re like most folks, you have your doubts about retiring. On one hand you may be elated. On the other hand, you may be a bit frustrated because you have no idea what the future entails. We’ll, we’re here to tell you that shifting gears from a working professional to a successful retiree can be easy.
