When the unexpected happens, it can be a good time to look at ALL THE OPTIONS. COVID-19 has disrupted our lives, and even the best retirement plans. If you recently became unemployed or lost income and are 62 and over, maybe it’s a good time to explore a reverse mortgage. It may be possible to access your home’s equity and help stabilize your financial situation.
A May 11th feature on CNBC outlined the many reasons why a reverse mortgage makes even more sense for seniors in the current environment, pointing out that, “Reverse mortgage lines of credit can be accessed when other funding sources dry up.” This has not gone unnoticed, “For example, JPMorgan Chase temporarily suspended its home equity line of credit program in mid-April due to surging demand,” they reported.