A reverse mortgage may be right for someone who is cash poor and house rich, says a CBS News Money Matters online segment this week. The segment focuses on whether a reverse mortgage is right for someone with little income and a small mortgage payment. In a situation where someone is cash poor and house rich, the CBS advisor says, a reverse mortgage may be suitable.
The reverse mortgage could be one option, says Q&A with Ray advisor Ray Martin. However, Martin cautions against “hefty fees” as well as insurance and real estate taxes that must be paid.
View the CBS News segment.
Written by Elizabeth Ecker