My wife and I are 62 and just starting to take Social Security. We're thinking about taking out a reverse mortgage and using it as a line of credit. The extra money could come in handy. What do you think? -- S.W., Red Oak, Texas<img src="http://feeds.feedburner.com/~r/rss/money_latest/~4/2kNUEls_ZDE" height="1" width="1"/> More...
In my opinion a reverse mortgage is not for everyone, and everyone should have a great Loan specialist before looking at a Reverse Mortgage. Financial Planners are a great sourse for information, having helped my parents get a reverse mortgage they feel it was the best thing that ever happened to them. Not only did they save on the payment but were able to do things that they dreamed of in there youth. When they pass from this world the house will be upside down in its value and all we have to do is sign it over to the bank and the bill is settled. In using it as a line of credit, the same things apply.
