|
| Reverse Mortgages |
Editor: Molly Merrow
|
 |
Scott introduced Rob Young, of VanDyk Mortgage who explained to us how a reverse mortgage for senior citizens works, and how it might benefit people in certain situations
|
| Reverse Mortgages are actually just a low interest loan, but there is no credit or means test, and it can help those who might otherwise lose their home, or who need funds for repairs, or living expenses. The interest rates are fairly low, and are regulated by HUD. When the home is eventually sold, the loan is paid off, and the owner or heirs keeps whatever equity there is. It isn't right for everyone, but it can be the answer in many situations. |
|
|
|
Rotary Club of Mason-Deerfield
