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Episode 63: Are Reverse Mortgages for You?

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Manage episode 215967948 series 1404006
Content provided by Steven J. Richardson, Esq. and Steven J. Richardson. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Steven J. Richardson, Esq. and Steven J. Richardson or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Older Americans heading into retirement often discover that they don’t have enough money set aside for living expenses. Or they may need to pay down debt because the large amount of equity in their home is preventing them from filing bankruptcy. They need the cash to pay the debt, but don’t have they money in their budget.

This is where a reverse mortgage may be the solution. They’re not for everyone, but in the right situation can be a lifesaver. That is why in this episode of the podcast, I wanted to talk about these loans, what they are, what they aren’t, the pros, and the cons. If it sounds like the right solution for your situation, you should talk to a financial professional about taking the next step.

If you or your spouse are age 62 or older, find out:

  • What a Reverse Mortgage is and What It Isn't
  • The Pros and Cons
  • How You Might Qualify for One
  • How Much You Can Borrow
  • If You Can Use One to Buy a House
  • When the Loan Falls Due, and
  • What Can Be Done When That Happens
  continue reading

160 episodes

Artwork
iconShare
 
Manage episode 215967948 series 1404006
Content provided by Steven J. Richardson, Esq. and Steven J. Richardson. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Steven J. Richardson, Esq. and Steven J. Richardson or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Older Americans heading into retirement often discover that they don’t have enough money set aside for living expenses. Or they may need to pay down debt because the large amount of equity in their home is preventing them from filing bankruptcy. They need the cash to pay the debt, but don’t have they money in their budget.

This is where a reverse mortgage may be the solution. They’re not for everyone, but in the right situation can be a lifesaver. That is why in this episode of the podcast, I wanted to talk about these loans, what they are, what they aren’t, the pros, and the cons. If it sounds like the right solution for your situation, you should talk to a financial professional about taking the next step.

If you or your spouse are age 62 or older, find out:

  • What a Reverse Mortgage is and What It Isn't
  • The Pros and Cons
  • How You Might Qualify for One
  • How Much You Can Borrow
  • If You Can Use One to Buy a House
  • When the Loan Falls Due, and
  • What Can Be Done When That Happens
  continue reading

160 episodes

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