One of the most common uses of Reverse Mortgages is to pay off any outstanding debts such as a mortgage or credit cards. In retirement, many still find themselves paying monthly mortgage payments, which can be a painful drain on their savings.
But, with a Reverse Mortgage, you can use the released equity on your property to immediately pay off your existing mortgage, and escape monthly mortgage payments forever. As with a Reverse Mortgage, there are no mortgage payments in your lifetime, and the debt is usually repaid with the sale of your home after you have passed away. You still have to stay current on your taxes and insurances, like with any other mortgage.
So, if you’re fighting to pay off a debt, or perhaps are feeling the pressure of your mortgage payments, you could benefit from a Reverse Mortgage.