Ask Terry Questions Reverse mortgage

Reverse mortgage

By Terry Savage on April 10, 2024 | Financial Planning / Retirement

Hello. Would you please clarify whether someone can be forced out of their home if they use a reverse mortgage? The beginning of your article states that you can never run out of money from the home, but later you caution that the homeowner could be forced to move when the line of credit runs out. Thank you.

Terry Says

You can only be forced to move if you cannot keep up with insurance payments or property taxes. That’s why you need to have enough income to cover those expenses, even after you’ve spent your line of credit.

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