008: Reverse Mortgages
What is a reverse mortgage? Is it right for me?
Saving enough for retirement can be a challenge. As people continue to live longer, retirement savings are being stretched further over many more years. However, there is an option that is increasing in popularity – a reverse mortgage.
All too often homeowners are not fully aware of all their financial options — some have accumulated a lot of equity in their homes and may be house rich but cash poor. They consider downsizing their home and leaving the community they love in order to make ends meet.
In some cases, a reverse mortgage option might make sense. So, what is a reverse mortgage and how does it work?
In this month’s podcast we speak to Sue Pimento from HomeEquity Bank about reverse mortgages.