Reverse Mortgages have changed significantly over time
Most retirees understand a Reverse Mortgage (RM) can be used to access a percentage of the equity in their home, but don’t know how versatile a tool it can be. Here are some potential uses: A source of tax-free money (consult a tax advisor). Protection against future drops in housing. …
Can a person lose their home today from a Reverse Mortgage?
The first known reverse mortgage loan was done in 1961 by Deering Savings & Loan in Portland Maine. Nellie Young was the widow of the high school football coach and it helped her stay in her home even though she lost her husband’s income. By the 1970’s several private banks…
