DEAR BOB: I began getting Social Security last February. Then in May this year I lost my job. A financial adviser suggests I take a reverse mortgage "lump sum" and invest it to supplement my Social Security income. I have no other income and no heirs. My home is worth about $400,000 with a $77, 000 mortgage at 4.25 percent interest, which adjusts by 2 percent next year. I love my home and want to stay here as long as possible. Do you think a reverse mortgage will work for me? --Loral C. DEAR LORAL: Yes. But I am very worried that so-called financial adviser might have suggested you take a reverse mortgage lump sum so he can sell you an annuity or other investment to earn himself a large sales commission. Purchase Bob Bruss reports online. If you want to receive monthly lifetime income from...
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