Summary:
Reverse mortgages are a way for Baby Boomers 62 and over to get equity out of their homes in the form of a monthly payment. The payments can be used as an income supplement, to pay for medical costs or for any other reason. A reverse mortgage may not be for everyone, depending on their plans for the future. But, for some Boomers, a reverse mortgage is the perfect way to remain in their homes and pay for their daily expenses.

Details or Sample:
Baby Boomers aged 62 and over are qualified for a unique financial arrangement called a reverse mortgage. These mortgages are exactly what the name implies- the opposite of a mortgage. A reverse mortgage pays the homeowner instead of the homeowner continuing to pay for the home. This financial plan is often preferred by retiring Boomers who need to draw cash out of their equity in order to fund their new lifestyle. The money can be used for basic living expenses, long term care, medical expenses or just for the extras that wouldn’t otherwise be affordable. The money paid to a homeowner by a reverse mortgage is completely tax free.

The amount paid to the homeowner will likely not be the exact amount of the original mortgage payment. The payment amount will be based on the homeowner’s age as well as the home’s value and the current interest rates. The determined amount will be paid to the homeowner, with lending fees taken out by the lender.

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