The beauty of this loan is that it doesn't have to be repaid until the house is sold and your legal obligation for repayment is limited to the value of the home at that time. If the home declines in value, you will never owe more than your equity in the home on its sale. For elderly people living alone who are in need of cash, a reverse mortgage is definitely an option to consider. Whether you own or rent, sell or stay, recognize that your house is more than a home. A home is a place of heartwarming memories, love, dreams, and good feelings.
Fools cherish the thoughts it invokes.
A house is a structure of sticks and bricks, of walls and beams. As such, it has a monetary value. That value can and should be used when needed. As Fools, our task is to determine if and when it is appropriate to do so. Choose your retirement date and we'll help get you there in our self-paced online seminar, Roadmap to Retirement.