We are finding that reverse mortgages are becoming more of a financial planning tool. If you are at least 55 years old, and have around 50% equity in your home, you may want to consider a reverse mortgage. In a reverse mortgage, you don’t make out-of-pocket payments on the mortgage, rather the equity in your home makes the payments as the principal balance increases over time. You have to occupy the home as your primary residence, and you can stay in the home for the rest of your life, even if the mortgage balance exceeds the value of your home.

If you are considering whether a reverse mortgage is right for you, give us a call, we can help.