retirement

Reverse mortgage for retirement income

 

 

Main Intro: If you're looking to reduce the guesswork and worry of managing your nest egg in retirement, Bankrate.com's special feature looks at managing income in retirement.

Reverse Mortgage Intro: If your biggest asset is your home - a reverse mortgage could be a retirement win for you.

Leslie Corcoran: A reserve mortgage is basically taking an individual's home and looking at that the value of that home and then paying them a set dollar amount for the rest of their life - either via - similar to an annuity. They can also get a line of credit or a lump sum payment. But basically, paying them based off the value of that house. There aren't any loan payments due - and basically it just accumulates interest as that money is outstanding and upon the individual's death, then the house is sold or from other assets the reverse mortgage is paid off.

 

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