Outlining a reverse mortgage scenario in which a couple uses a reverse mortgage in order to buy a second home, columnist Tom Kelly shows the merits of using a reverse mortgage to purchase a new retirement home, rather than the traditional “age in place” use of the loan.
“While the proceeds of a reverse mortgage typically help seniors to “age in place” by making their home more comfortable for their retirement years, there are no limitations on how reverse funds can be used,” Kelly writes in a Spokesman-Review column this week.
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