When Does a Reverse Mortgage Make Sense?
Posted by Bill Mann on
Everyone sees those TV commercials featuring sincere celebrities pitching reverse mortgages. If you are 62 or older, chances are you’re also subjected to glossy mailers (and even DVDs!) that show up in your mailbox at regular intervals.
Latest stats show that approximately 83% of baby boomers plan to stay in their homes during retirement. That may be why some Coastal Delaware homeowners who have built equity in their homes may be paying attention.
You can’t blame them if they have one overriding question -- is this some kind of scam?
Essentially, a reverse mortgage is just one way to tap into a home’s equity regardless of the owner’s credit score or income. Under a reverse mortgage, borrowers receive a monthly payment, line of credit, or lump sum.…
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