Have you ever heard of a reverse mortgage? Or Wondered How a Reverse Mortgage could be beneficial to you? I interviewed Tom Pinocci a reverse mortgage specialist to find out all about them.
Reverse mortgages are designed to help people that are 62 and older. Although if you are married to someone who is 62 or older and you are not, you can still apply for a reverse mortgage. It is designed to use some of their equity on their home. People have a misconception that the title to the home will go to the lender. Which is false it will go to you.
They can use the money in a couple different ways. They could take it out in a lump sum, partial lump sum, or they could get monthly payments for as long as they live in the home. No matter how long they live they can live to be 120 and still get that money. They could also leave it on a line of credit where they could do a combination of any of those three options.
To find out more on the uses and abilities of a reverse mortgage watch my video down below.