Reverse Mortgage: Explained
In the case of retired homeowners who have little or income but have equity in their homes and would like to cash out against the equity in their homes, a Reverse Mortgage can do exactly this. For those homeowners who are newly retired have their income slashed drastically and are more times than not surprised by the lack of funds they now have. In a lot of cases these individuals lost a lot of their investments when the Great Recession of 2008 came and a lot of people decided to pull out from their investing instead of riding it out as the economy has rebounded. Yes, home values have taken a significant hit as well, but for the most part retired individuals don’t owe much on their homes if at all and these assets are normally owned mortgage free.