Sentences with phrase «got a reverse mortgage without»

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Consumer Reports suggests that consumers get tripped up when taking out reverse mortgages without fully understanding how these loans work.

If waiting eight years sounds like too long of a period to go without any supplemental income from Social Security, consider getting a reverse mortgage to lessen your financial burdens while waiting for Social Security or other assets to come to fruition.

When you own a home you can enjoy the value of your investment without selling it, by either continuing to live in it after you've paid off the mortgage (at which point you have no more mortgage payments), and optionally getting a reverse mortgage at any time after age 62, which allows you to extract cash value from your home in either a lump - sum or as monthly payments, and which you won't have to pay back as long as you live in the home.

Taking out a reverse mortgage is a big decision, since you may not be able to get out of this loan without selling your home to pay off the debt.