December 7th, 2008
Reverse Mortgages For Nurses
Reverse mortgages are not for everyone. A reverse mortgage allows a homeowner to cash out part of the equity in their home without having to pay it back until they sell the house, permanently move out, or die. The amount you can borrow depends on your age, the value of your home, your current equity, and the current interest rates.
A few years ago, my mom and dad (both nurses) were in a tough spot financially. Living off of a small pension and an even smaller Social Security Check, they were having trouble keeping up with their bills.