Missouri Credit Union

Know Details Before Choosing Reverse Mortgage

by Laura Varela / April 9th, 2020


A reverse mortgage might sound like the perfect answer if you're looking for ways to cover retirement expenses.  If you're considering this option, proceed with caution.
 
A reverse mortgage allows homeowners age 62 and older to borrow money against the value of their homes and not repay it until the house is no longer their primary residence, they move out, or die. It lets a homeowner convert some home equity into cash without having to sell the house or pay additional monthly bills. Reverse mortgage proceeds are not taxable, and generally will not affect your Medicare or Social Security benefits. You retain the title to your home.
 

Unfortunately, there are many reverse mortgage scammers about, so if you're considering a reverse mortgage, think about these warnings from the Federal Trade Commission:



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Printed Monday, September 28, 2020

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