in different reverse mortgages, from a one-time payment, or by leaving funds in a line-of-credit that can grow over time if unused, or as monthly payments, or some combination of options.
Other arrangements are the proprietary reverse mortgage, a private loan backed by a company, and the single-purpose reverse mortgage offered by some state or local government agencies.When you're considering a reverse mortgage, ask yourself if the house will work for you the rest of your life, says Carolyn McClanahan, a physician and certified financial planner who is founder and director of financial planning at Life Planning Partners in Jacksonville, Florida.
And there's another potential reason we'll see more interest in reverse mortgages. Retirement communities and assisted living facilities have become more common in recent decades.
acorns Its not automatic. Its like life settlement. If you aint dying soon they aint lending
acorns ReverseMortgages are like annuities. They rarely work to your benefit and you loose total control of your assets! Beware! SuzeOrmanShow
acorns Better: Sell to your kids and rent back from them, this way the greedy bankers dont win!!