Major changes to one of the most misunderstood items in real estate, the reverse mortgage. i m going to speak with some folks who went through the process and explain how the new rules could affect anyone over 62 years of age. senior citizens today are having a very difficult time because either they don t have a pension or they re up to their eyeballs in debt. the reverse mortgage is an opportunity they have to allow them to have financial freedom in their senior years. a reverse mortgage is a loan from the bank based on part of the equity in your home, available only to homeowners 62 and older, and it must be your primary residence. the advantage that the seniors have for that is there is no mortgage payment. in fact, with many reverse mortgages, the bank makes monthly payments to you instead of the other way around. i wanted to see how reverse mortgages really work for actual voe folks, soy hit the streets to talk to homeowners. i m going meet with josh shine, a reverse mo
I m going to go speak with some folks who just went through the process and explained how the new rules could affect anyone over 62 years of age. senior citizens today are having a difficult time because they don t have the pension or they re up to their eyeballs in debt. the reverse horj is an opportunity they have to allow them to have financial freedom in their senior years. a reverse mortgage is simply a loan from the bank based on part of the equity in your home. it s available only to homeowners 62 or older and it must be your primary residence. the advantage that the seniors have is there is no mortgage payment. in fact, with many reverse mortgages, the bank makes its monthly payments to you instead of the other way around. i wanted to see how reverse mortgages really worked for actual folks, so i hit the streets to talk to a few homeowners. we ll meet with josh shine. a reverse mortgage expert, and he will introduce me to two families. hey, josh. what s up, buddy? let