On NBC’s Money 911, reverse mortgages were the topic yet again. On Wednesday’s show, a man from Arkansas called in to ask whether he should pay off his mortgage, which he could do in 12 years or look into a reverse mortgage. Here is his question:
I’m going to receive some money in the near future and I’m retired on Social Security disability and my question is, should we pay off the mortgage of the house which we owe 12 more years at 6 1/4 percent, or should we look into a reverse mortgage? But paying off the mortgage won’t leave me very much money–excuse me–left in case we need it in an emergency.
The bigger issue is that while he might be 63, his wife is 55. How does NBC’s Sharon Epperson answer the question? Check out the video below.