Quote:
Originally Posted by ccrider
Some time ago there was a discussion on Reverse Mortgages. There was a man in the Villages who is an "expert" in this subject and volunteered to talk with people who were interested. I would like to find this man as I have a few questions to ask. If you read this, post a way to contact you.
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Reverse mortgage is awesome in principle. However - rates are high and there are buyout penalties.
Far better option is a HELOC. This type of line should be interest only, at prime or near prime. Pay as little each month as interest, or as much as you want. No
pre-payment penalties or fees, etc. Canada here, but should work the same.
If you need income and want to pay zero, simply add it to it by the amount of the payment each month.
Shop the rate. Hope to get prime if you have excellent credit.
Retired from finance. Reach out if you have questions. Returning to TV Nov 1.
Good luck.