Seniors Looking For Cash
March 25th, 2008For seniors who are in need of some additional cash a reverse mortgage can be a good idea. The old saying “house rich, cash poor” means that a person may have spent years paying down a mortgage but failed to save money otherwise. These people may find themselves living in a paid off home with no money in the bank. Instead of taking out a traditional equity loan, which would require monthly payments seniors could instead use a reverse mortgage to generate an income. This allows for the equity to work for the person, and for the person to not have to worry about scraping together a monthly payment.