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Q&A: Taking out a reverse mortgage may help if coronavirus wipes out your job

August 17, 2020 By Liz Weston

Dear Liz: I read with interest the letter from the person who was a tour guide and lost their job due to the virus. I kept reading, expecting you to suggest a reverse mortgage. Are these a bad idea?

Answer: Not necessarily. The person in question owned the home with a sibling, and the sibling did not live in the home, which could complicate the process of getting a reverse mortgage.

If there was substantial equity in the home, however, a reverse mortgage could pay off the existing mortgage and might be worth the effort. One way to investigate this option is to talk to a HUD-approved housing counseling agency.

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Filed Under: Coronavirus, Mortgages, Q&A Tagged With: Coronavirus, q&a, reverse mortgage, unemployment

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