SEGMENT: BBB explains reverse mortgage requirements - WTVM.com-Columbus, GA News Weather & Sports

SEGMENT: BBB explains reverse mortgage requirements

(Source: WTVM) (Source: WTVM)
(WTVM) -

People with equity in their homes can take out reverse mortgages and receive funds monthly or up front, rather than make monthly payments.  President and CEO of Georgia's Better Business Bureau, Kelvin Collins, explained the requirements and factors to consider when taking out a reverse mortgage.

Reverse mortgages are available to seniors that are at least 62-years-old.

Factors to consider when taking out a reversed mortgage include involving heirs in the decision-making, understanding the repayment terms, and considering all the costs involved.

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