Reverse Mortgages Can Give Seniors Added Income | Indy's News Center - 93.1 WIBC Indianapolis

By Network Indiana
5/15/2008

Experts say American homeowners over the age of 62 are holding more than $4 trillion in untapped home equity that they could be using to help pay their expenses.

M&I Bank Indianapolis reverse mortgage specialist Brenda Wheeler says many senior citizens don’t know about reverse mortgages. She says reverse mortgages allow senior homeowners to convert part of the equity in their homes into tax-free income without having to sell their homes, give up their home titles or take on new monthly mortgage payments.

Wheeler tells Inside Indiana Business that there is no credit or income requirement for qualifying. All closing costs are included in the loan and the amount banks lend is after all costs are subtracted. Any equity left in the home after the loan is paid off goes to the homeowner or her heirs.

However, Wheeler says reverse mortgages are not for everyone. Seniors planning to sell their homes in a year or two should not enter into a reverse mortgage.

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