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Real Estate Today: Reverse Mortgages

Originally aired: Sunday, June 2, 2013

Pat Nesbitt had lived in the same Seattle home for 50 years. Several years ago, she took out a reverse mortgage on her home to supplement her retirement. Recently, she sold the home and moved to Tacoma to be closer to her three daughters and grand children. Pat used the proceeds from the sale as the down payment on a new home and then took out another reverse mortgage for the balance. Pat will be able to live there as long as she likes without ever having to make a mortgage payment. Pat, host Tom Kelly and John Harding from Axia Home Loans explain how to buy a home with a reverse mortgage on this edition of Real Estate Today. All senior homeowners and their adult children looking to move or fund retirement will obtain some useful options from the program.

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