With a reverse mortgage, you have to be sure you can afford your home forever, one expert says. investinyou (In partnership with acorns.)
in different reverse mortgages, from a one-time payment, or by leaving funds in a line-of-credit that can grow over time if unused, or as monthly payments, or some combination of options.
Other arrangements are the proprietary reverse mortgage, a private loan backed by a company, and the single-purpose reverse mortgage offered by some state or local government agencies.When you're considering a reverse mortgage, ask yourself if the house will work for you the rest of your life, says Carolyn McClanahan, a physician and certified financial planner who is founder and director of financial planning at Life Planning Partners in Jacksonville, Florida.
And there's another potential reason we'll see more interest in reverse mortgages. Retirement communities and assisted living facilities have become more common in recent decades.
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