Reverse Mortgages Can be Great, but be Sure your Spouse is Protected
Reverse Mortgages are a very useful tool for people who are running low on liquid assets but wish to remain in their homes. These non-recourse loans are designed to give seniors over age 62 access to the equity in their homes, and unlike the traditional mortgage or Home Equity Line of Credit, monthly payments are not required. However, when the homeowner/borrower vacates the premises (such as,...