In a survey by the Consumer Credit Counseling Service of Greater Atlanta, 26% of homeowners who have reverse mortgages said their #1 reason for getting such a loan is to pay for daily living expenses. Only 3% said they used funds from a reverse mortgage to pay for a vacation. Other reasons cited for obtaining a reverse mortgage:
- Budget too tight 19%
- Need more liquid assets 16%
- Home repairs and maintenance 15%
- Provide care for dependents, pay medical bills 8%
- Pay property taxes and homeowners insurance 7%
- Falling behind on monthly payments 6%
- If you additional information contact me at: findit@LehighValleyRealty.com
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