People often go to their banks to inquire about it as an option to supplement retirement income, but that is not the best course of action for everyone. Have a listen to the episode to learn more about the reverse mortgage as a product. It may be the best option for you.
We go into good detail on the episode. One thing to take away is that it’s always ideal to give a mortgage broker as much detail as possible about your financial situation. That way they can set you up with the right product. The products and rates you qualify for will depend on so many factors like how old you are, how much equity you have in your home, whether or not you have a pension or investments to supplement your retirement income.
A reverse mortgage may be your best option. However, you might be able to qualify for a much cheaper home equity line of credit at that bank. If you have enough pension or investment income supplementing your retirement options open up. The rate difference on these two products can be 2-3%! Let a mortgage broker know your particular situation so you can get the best product available.
