Ask Roxy is a public service blog from the Law Offices of Roxanne Sher Olson (www.roxanneolson.com). Roxanne is an attorney in Santa Cruz, CA. Email your questions to firstname.lastname@example.org
You are not sitting with this question alone. In these difficult times hundreds of thousands of Americans have seen their retirement nest eggs crash in value. Younger adults have time to reconfigure and recover before they will need those funds, but many retirees are scrambling to come up with money to pay the bills today. For those seniors who own their homes, the reverse mortgage is worth considering.
A reverse mortgage allows you, if you are 62 or older, to receive cash advances based on the equity in your home. This means a lump sum, monthly payments, or a line of credit depending on the terms of your loan. Generally, they are set up so you do not pay anything back until you sell your home, transfer title, leave your home for an extended period, move out or die.