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Pros, cons of senior-citizen reverse mortgages

The older the homeowner, the better

Are you a senior citizen homeowner at least age 62 who could use additional tax-free income? If not, perhaps your elderly parents might be interested. Or, are you at least 62 and would like to retire, but you know social security income alone, plus your modest pension, IRA or other retirement income, won't be enough? If you or someone you know is in one of these situations, a homeowner reverse mortgage might be ideal. Purchase Bob Bruss reports online. WHAT IS A REVERSE MORTGAGE? A reverse mortgage pays tax-free income to the senior citizen homeowner. It is the exact opposite of a traditional "forward" mortgage where the homeowner borrows money and then repays that borrowed money, plus interest, to the lender. To qualify for a reverse mortgage, the homeowner must be at least 62. In the case of husband and wife, both co-owners must be at least 62. If one co-owner spouse is not yet 62, he or she can sign a quit claim deed to the other over-62 spouse who then becomes eligible for a revers...

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