| A reverse mortgage offers retired persons a way to | | | | Are you wondering how the reverse mortgage |
| stay living in their homes and afford to live comfortably. | | | | affects your heirs? It does not affect them at all. If you |
| The reverse mortgage pays you with equity you have | | | | pass, your heirs will receive any monies left over after |
| built up in your home. You can spend your money now | | | | the sale of the house and the repayment of interest |
| instead of leaving it to relatives after you pass. There | | | | due to the lender. This type of mortgage allows retired |
| are different ways to receive the monies from a | | | | persons to keep their homes and not worry about |
| reverse mortgage. You can have a lump sum payout, | | | | having enough money after retirement. |
| monthly payments or a line of credit to use whenever | | | | There are requirements for obtaining a reverse |
| you need it. | | | | mortgage. You have to continue to live in the home |
| If you have a small loan payment on your home when | | | | the entire time. If you move out of the home, the home |
| you do a reverse mortgage, this is figured into the final | | | | must be sold. This type of mortgage is good until the |
| distribution and paid off. The property taxes are figured | | | | last person on the loan leaves the home. If a husband |
| as well as insurance. All you have to think about is | | | | and wife live together in the home and the husband |
| keeping your property in good condition and doing | | | | dies, the wife can keep living in the home. When she |
| needed repairs. The money is yours to spend any | | | | leaves or dies, the home is then sold. |
| way you wish. | | | | |