Reverse Mortgages

I went to a cousin’s wedding this weekend. One of the great things about weddings is that you get to spend time with family, including grandparents. And, one thing the grandparents asked this weekend was, “Have you ever heard of a reverse mortgage?” (I think it was right after they asked, “What kind of job are you going to get?” and “When are you having kids?”) Back to the reverse mortgage, though, I had never heard of one and I love an opportunity to learn something new.

Come to find out, a reverse mortgage is a special type of home loan allowing you to basically convert your home’s equity into cash. The reverse mortgage is available to those persons age 62 and up and ideally, who own property that is paid off. If you (or Grandma, or Grandpa, or Aunt Linda…) meet that criteria, then a structured settlement reverse mortgage may be something to think about.

What’s more, I think the potential benefits of a structured settlement reverse mortgage could be great. Whether it’s a lump sum of cash (to buy that RV to drive across America) or monthly payments is up to you. Either way, having a steady stream of income is always comforting - to someone of any age! Of course, there’s no one answer for everyone, so be sure to investigate your options thoroughly.

Did someone say cruise? Or road trip?

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