Bob and Milly saved all their lives for retirement. Last year Mary had a stroke and needs expensive home health care, which has cut deeply into their savings. A reverse mortgage saved their retirement dreams by letting them live in their home for as long as they want while still giving Mary the care she needs. Now the bank sends them a monthly check, which covers their medical expenses, and they don’t have to worry about having to move from the home they love.
*Consult your tax accountant regarding deductibility of interest.