Retiree Uses His Reverse Mortgage Loan To Buy a New Home After Divorce

Colin was well-positioned for retirement but couldn’t purchase a new home with a conventional loan after his divorce.

Using a reverse mortgage loan, he bought a new home without monthly mortgage payments. Instead, he only has to cover property expenses such as taxes, insurance and home upkeep.

Colin says, “I look at it now and call my reverse mortgage a ‘parachute.’ That means you’re gonna have a soft landing…I mean, I don’t see why everybody at my age doesn’t get one of these!”

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