Cesar has lived in his home for over 30 years. When he first moved in, the neighborhood was a quiet community where he and his wife raised their children. After his wife died, Cesar retired, spending his leisure hours gardening and working on his home. Now his neighbors’ homes are being torn down to make room for upscale town homes and property taxes are skyrocketing. A reverse mortgage has given Cesar the ability to stay in his home while keeping up with his taxes. As the value of real estate in the area increases, his equity increases, so he has a growing credit line to draw from.
*Consult your tax accountant regarding deductibility of interest.