BLOG

reverse mortgage

Posted by   I  

If you have ever thought about retiring, I’m assuming you would want to retire mortgage free. The truth of the matter is that a mortgage, taxes, home owners insurance and any home repair costs bring a financial burden to your income. Retiring mortgage free gives you the flexibility to spend your income on more favorable outlets.

In fact, the number of older homeowners facing retirement with a mortgage has grown in the past decade, along with the mortgage debt burden.

Have You Considered a Reverse Mortgage?

I found an interesting article about a successful attorney that chose to take out a reverse mortgage and live debt free.

Read more: http://reversemortgagedaily.com/2014/09/22/la-times-reverse-mortgage-helps-older-homeowners-retire-as-they-wish/

Excerpt:

Retiring with a mortgage carries serious burdens for some older homeowners looking to retire, but a few options are available to help lessen the load — including a reverse mortgage, a recent LA Times story reports.

The article describes Tom Greco, a 66-year-old attorney whose $4,500 monthly mortgage payments had become “a financial drag.” Like many Americans over the years, Greco wanted to have his mortgage paid off before retiring, but couldn’t make that goal a reality.

In fact, the number of older homeowners facing retirement with a mortgage has grown in the past decade, along with the mortgage debt burden.