Reverse Morgage are good but they can be difficult to understand the additional cost and risks that are involved.
Consider this, take out a life insurance term policy to offset the cost to repay the loan if you want to leave a real estate legacy for your heirs. In the case of an inheritience either you or your heirs might consider various forms fo insurance to offset the cost to reclaim the property.
Buy a longterm care policy or disability insurance that can help to cover added cost that the mortgage might not cover. Also consider buying and saving small or large donomination of gold or silver coins as a rainy day fund and for appreciation value it might come in handy with extra bills down the road and as a hedge on inflation or deflation.
Consider putting your house in a trust and also having a life insurance trust the two can sometimes work together as far as keeping assets out of your estate for social security or other purposes. Talk to a legal and tax advisor or your trusted cpa.
Talk to a financial advisor or a eldercare planner for professional advise we want you to know about the Good, the Bad and the Ugly side of Reverse Mortgages, becuase if they are done right they can help you enjoy your time and your money with your love ones while your alive, not just after you die.
Featured Links:
http://www.castlereverse.com/
http://www.activefilings.com/business-trends/senior-entrepreneurship/
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