Fixed Rate Reverse Mortgages, Cont’d

I wanted to follow up on yesterday’s blog as it relates to Fixed Rate Reverse Mortgages. Within the blog, I implied that those who payoff an existing mortgage typically wouldn’t get the benefit of a monthly income (in general since most of the proceeds would be used to payoff the mortgage). However, the reality is that by paying off the current mortgage, one is actually left without a mortgage payment.  Just by not having to make a payment would provide the homeowner with additional discretionary money. This would only be the scenario if the payoff of the current mortgage is substantial.

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