Hi, I'm Peter Losavio, certified elder law attorney and board certified estate planning attorney. I'm going to discuss reverse mortgages, which are very complicated and complex. There are advantages and disadvantages to reverse mortgages. You should not get a reverse mortgage until you fully understand the advantages and disadvantages. Depending on your circumstances and needs, a reverse mortgage may allow you to stay financially secure in your home without having to worry how about paying a monthly note.
A reverse mortgage is a special type of home equity loan. A reverse mortgage is unique in that you don't have to pay the back the loan until you sell the house, stop living in the house, or pass away.
The amount you can borrow is the term about the value of the house. The loan is secured by a mortgage on the home.
We can help you determine whether or not a reverse mortgage is right for you. Please contact us at 225 769 4200.