Alternatives to a Reverse Mortgage
Reverse mortgages can give the home owner additional income on which to live, but they are not for everyone. One of the downsides to these types of mortgages are the fees. With every type of mortgage, there are going to be fees involved, but reverse mortgages tend to have some of the highest fees.
If you live in a larger home and don’t need the space, often the case, consider renting a smaller place and then renting your home to a tenant. I know, that sounds like a headache, but if you have a good property manager it can provide substantial monthly income and you control your property and your equity continues to grow and will go to your heirs not the mortgage company.
Newton Centre Associates specializes in this type of management and will answer any questions you have about renting your home to a quality tenant.
