Chapter 6. Reverse Mortgages
“Home Is Where the Heart Is.”
|--Pliney the Elder|
“Home Is Where the Cash Is.”
Throwing it in reverse is a way of getting out of trouble if your car gets stuck in a snow bank. It also could be a way of getting the money to pay for necessary repairs or everyday bills by tapping into the equity of your home. After all, your home is an asset that very well may have grown tremendously in value since you first bought it.
A reverse mortgage is a loan that uses your home as security for a loan, just like a conventional mortgage arrangement. However, with a reverse mortgage, you generally do not have to pay back the loan for as long as you live in the home. This allows you to take the equity out of your home ...