Should Seniors Sell or Reverse Mortgage Their Houses?

Certain Indian seniors, particularly those who weren’t able to save for their retirement, are faced with the dilemma on whether they should sell or reverse mortgage their homes.

Selling one’s home can be especially difficult when you’ve spent so much of your life in it. However, experts suggest that seniors opt for this option over reverse mortgage. Though the latter promises that you can keep your home, the payment will only last for 20 years and after which, you are left with your home and no financial support. Selling, on the other hand, allows you to get a cheaper home and extra money which you can eventually invest.

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June 30, 2013 Home Safety NJ