6 Smart Moves if You Get Laid Off Before You Were Planning to Retire

If you’ve owned your house for a long time, you probably have substantial equity in it. People who are 62 or older can tap that equity in the form of a reverse mortgage. Instead of you making monthly payments to the bank, the bank pays you: a lump sum, monthly payments, or a line of credit that you tap only when you need it. You pay off the loan when you move out of the house or die, though some people pay the loan off before then, says Denver financial planner Kristi Sullivan.

 

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