Contrary to popular hype, getting started for retirement late is not a crisis – as long as the right plan of action is put in place. One increasingly popular source of retirement income is the reverse mortgage. Although we typically think of a 401(k) or an IRA when we think of saving for retirement, a reverse mortgage allows you to access the equity you have already built in your home as a source of income. This makes a reverse mortgage an option if you are looking to save for retirement or pay for a home improvement, health care expenses, or to support the transition to a long-term care facility. How Does a Reverse Mortgage Work? A reverse mortgage basically operates in the same way a traditional “forward” mortgage is negotiated with a lender. However, instead of paying a monthly payment to the lender, you…

April 19th, 2010
Money maker
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