According to data reported in the article “What is a reverse mortgage and what does it mean to me?” by Brian O’Connell and posted on thestreet.com, a reverse mortgage has become an attractive financial tool to help supplement older Americans’ retirement income and maintain their lifestyle. It reads,
“That’s a tempting opportunity in an age where millions of U.S. seniors are struggling to save enough money for retirement. Data from Northwest Mutual shows that 67% of Americans believe they will outlive their retirement savings and 21% of American have saved zero dollars for retirement.”
Here is a simple explanation of what a Reverse Mortgage is (HECM, – Home Equity Conversion Mortgage): You need to remain living in your home, pay the property taxes, insurance, and any homeowner’s association dues. The home must be maintained in good condition and the minimum age to qualify is 62.
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It is a great article to learn about what reverse mortgages are and some important “must-Knows” about how they work and can benefit you.
I am also here to answer any of your questions and see how a reverse mortgage can supplement retirement income and make your life easier!