Have You Considered Borrowing from the Future?

Posted by News Feeds

November 7, 2007

Have You Considered Borrowing from the Future?,

BNY is offering reverse mortgages on Co-op apartments and are coming down to educate residents about them

Lucky you. You own a co-op apartment on the Lower East Side that has increased in value like crazy in recent years. You’re rich!

Unlucky you. You live on a small pension in a big, expensive city, and you can’t sell your valuable apartment because that would leave you homeless.

Lucky you. If you are over the age of 62, you can get income from the equity in your apartment through a reverse mortgage. You can receive up to half the value of your apartment, in a tax-free lump sum or spread out in a monthly income. Or you can open up a line of credit and use funds as needed. You’ll be able to stay in your apartment for as long as you wish.

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Full post here Reverse Mortgage Loan Blog