|
|
Article: Cheaper reverse mortgage alternatives: evaluate the pros and cons of each option carefully. (Reverse Mortgages).
- Article from:
- Money Digest
- Article date:
- October 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Money Digest. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
In last month's Money Digest we introduced how reverse mortgages can be used by older homeowners to provide tax-free retirement funds. Now, let's explore some of the alternatives.
Those who own larger homes could downsize to a smaller home, condo, or an apartment. This is a simple way to access equity in the home, again with the proceeds from your principal residence tax-free.
If possible, most people would like to remain in their home where they have all of their family memories. Taking in a boarder is an option, especially if the tenant is a relative or friend. In addition to companionship, a young boarder could help with some of the house and yard ...