Mary Mary discussed on On The Money

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The air but whatever she's going to help some people so to to make the mortgage payment was was a little bit tight based on the pension that she received from the years that she she did work you have to be age sixty two or older to look into taking advantage of reverse mortgage what it allows you to do is stop making your mortgage payments you still have to pay your insurance you still have to pay your property taxes whether or not you take cash out of the house to help with your lifestyle is completely choice you could either use the reverse mortgage for extra money or to simply stop making the mortgage payment and you cannot be kicked out of your house saw a first class i think it's a good tool okay because i have no intention of moving i mean i have i love my home mortgage right now is only eight hundred a month okay and i still owe eighty thousand of it all right what's what's your what's your house worth it's gotta be worth at least three thirty okay so you're in good shape yeah right right so i'm figuring 'cause i spoke to a woman about it and she had told me that evidently they buy my mortgage and pay it and then they charge me like an interest rate right well the interest accrues so when you pass on the houses sold and the reverse mortgages paid back and whatever equity is left would go to errors in your case it could be you know extended family members a charity whatever you would name okay it sounds like in a bad idea kind of a fail safe position or use it as a monthly income and decide what might be best for you so mary the best thing to do is before you launch off into that is really to have some planning done and look at where that might fit in your scheme because it isn't free but once again in your situation is if you don't have any heirs you know worry about leaving a legacy it's not a bad way to go okay formation highbury thank you so much for the phone call mary mary's line it's eight four four to two zero zero nine six five it's eight four four.

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