In this great 4 minute video from NBC’s The Today Show, financial editor Jean Chatzky answers some common questions about reverse mortgage, how they work, and whom they are right for.
Touching on the issue of home inheritance she urges potential borrowers to ask the question: why are they so attached to their homes? An excellent first question to anyone who thinks a reverse mortgage may not fit their needs.
Reverse mortgages are available to homeowners 62 and older, with minimal income and credit requirements. A reverse mortgage for purchase is also an option for those looking to buy a new home or move from their current residence.
Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, Longmont, Boulder and Front Range areas of Colorado. Click here to contact Jan and learn if reverse mortgage is right for you.