What You Need to Know About Reverse Mortgages

If you need quick access to extra money during retirement, it may be worthwhile to take out a reverse mortgage on your home.  As a grandparent raising our grandchildren, my husband and I had considered a reverse mortgage, simply because the unexpected expense at a time in life when we had become disabled, we didn’t have any extra income.   There are tons of unexpected expenses when we were put in this situation, like school clothes, school supplies, clothing for the girls, shoes, sports activities , etc.  I could go on and on with these expenses.   There are some grandparents that are put in a financial bind because they have to hire attorneys to fight for custody of the grandchildren.   Hiring an attorney for a custody battle, or adoption procedures, can run into the thousands of dollars.   Thankfully we didn’t have to deal with that.  Unlike a traditional mortgage, a reverse mortgage will not require monthly payments on your part. In fact, it is more likely that you will receive monthly payments, unless you select a line of credit or single large payment. But before you sign a reverse loan agreement, here’s what you need to know about the process. read more