By Catherine Powell
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| Image courtesy pixfree.org |
If you're a baby boomer you've no doubt heard about reverse mortgages. These loans are routinely touted by celebrities such as Tom Selleck, Robert Wagner, and Henry Winkler. The pitches being made by all of them explain how senior citizens with equity in their homes can cash in without having to pay monthly fees as they would if they got a home equity loan. This can free up needed funds that can be used to help pay for living expenses, cover medical costs, or home improvements. There's no need to repay a reverse mortgage until you move out or pass away, they say. Better still, assets from a reverse mortgage won't interfere with your social security benefits or bump you into a higher tax bracket because funds received in this way aren't taxable. For people living on a fixed income with limited means and possibly poor credit, the lure of easy money sounds almost too good to be true. While for some, tapping into a reverse mortgage can be a blessing, you need to do your homework before you sign on the dotted line. Below are ten things you need to consider before you consider a reverse mortgage.
