Michael Banner, President & CEO of Professional Mortgage Alliance, LLC, has been in the mortgage industry for thirty six years. Many people are emotionally tied into their homes. As they get older, their earnings potential declines but they want to maintain their quality of life. That’s where a reverse mortgage can help. Rather than doing the rational thing – selling their home while investing the proceeds, a reverse mortgage allows them to eliminate their mortgage payments while still living in their home and thus cut their monthly living costs. It’s a good idea to go over this scenario with a financial advisor or accountant to see if it makes sense for you.
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