Is it good to do a reverse mortage?

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Is it good to do a reverse mortage?

My wife wants to retire, but we owe to many bills.

Asked on December 7, 2010 under Real Estate Law, Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

It is very difficult in this type of forum to tell you what is best for you in your situation.  The best thing that you can do is to go and see an estate planner and credit counselor in your area.  Are you 62+?  A reverse mortgage is also called a "lifetime mortgage" and allows you as a senior citizen to take out the equity in your home and defer the payment until you sell the home or pass away or go in to a managed care facility.  You can take out the money in one lump sum or in monthly installments. You need to balance what you owe and what you have and see it all in front of you to know if this is right for you.  Get help and good luck.


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