Many older people are taking advantage of reverse mortgages to help with living expenses. If your house is paid for, this may be a viable option for you. A reverse mortgage means you are taking a monthly draw from the equity in your home. It can mean the difference between being able to stay in your home as you get older, or having to sell it and move someplace else. A great mortgage tip - ask that your closing costs be paid out of your loan proceeds. This means you can secure a reverse mortgage for no out of pocket costs
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