The option to withdraw a large lump sum in a reverse mortgage is going away. Seniors will be restricted to a set payout based on a lower percentage of the appraised value of their home.Often time seniors are delaying the inevitable in trying to stay in their home. However, each case is different and deserves to be considered on a case by case basis.
The one universal truth that must be known upfront is that this is a pricey mortgage product. You need to carefully assess your need for cash and the need for the house prior to selling or taking out one of these mortgage products.
For more information read the article below or contact us. We would be happy to have a conversation about your needs - no strings attached. Just call Michael at 760-408-5300 or Marcia at 760-861-5643 and we will set up a time to visit with you.
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