Reverse loans are becoming more "accepted" although there are still some who think they are only for those in dire straits, or are just generally a bad idea. Not so!!! Here are five reasons to use Reverse financing:
1. Pay off an existing home loan to reduce monthly debt by eliminating your monthly payment. No payment is required on a Reverse loan.
2. Place a Line of Credit on your home, for quick and easy access to cash as needed. No payment is required and you only accrue interest on the actual balance of the line of credit.
3. Buy your final retirement home using Reverse financing, vs. all-cash or regular mortgage financing. Increase your buying power, and no payment is required for the Reverse Loan.
4. Access your home's equity to pay for long-term care or prepare your home for aging in place. No payment is required.
5. Access your home's equity to provide regular monthly payments to yourself for additional income. No payment is required and the income is not taxed.