Retirement is supposed to be a stress-free time for people, but money may be a bit too tight for some to comfortably handle.
To help, a reverse mortgage could be an affordable option for retirees.
According to Reverse Mortgage Information, "a reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration and allow homeowners to convert their home equity into cash with no monthly mortgage payments."
Here are several important questions to ask the United States Department of Housing and Urban Development when looking into a reverse mortgage:
- How much can I borrow?
- What is the interest rate?
- What other fees and costs are there?
- How do I get the money?
- What happens if I die, sell or permanently move into a nursing home?
You can contact Linda Pritchett at (336) 292-3875 or visit her website here.