Should you use reverse mortgage to pay off home loan?
How, when and why to take a reverse mortgage
By Jack Guttentag, Inman News® Editor’s note: This is the last in a six-part series. Read Part 1, Part 2, Part 3, Part 4 and Part 5.
“I reached 62 this year and have a mortgage balance of $85,000 on my house, which is worth about $400,000. I plan to continue working and making my payment of $1,076 until the balance is paid off, which will be in another eight years … Or should I pay off the balance now with a reverse mortgage?”