Reverse mortgages have gotten a really bad reputation over the years, and deservedly so! But times have changed, and the new government backed products are actually quite reasonable. These are called HECM reverse montages, and not to be confused with non-government backed commercial products, which can still be quite abusive. So here’s why you may want to consider one. If you like your home and plan to age in place, these products allow you to convert your equity into retirement income, enhancing your lifestyle and ability to afford luxuries or maybe even healthcare. The really sweet thing? If when you pass and the house is worth more than is owed, your heirs get the difference. If the house is upside down and debt exceeds value, your family is off the hook, and the government eats it. Not the best social policy, maybe, but a great opportunity for you if your fact pattern makes this a good fit.
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