|
QUESTION:
|
Contribute to line of credit | | Can I contribute to my reverse mortgage line of credit? Use it as a savings account? |  | asked by tjn, 6/23/2009 |
|
Categories:
Retirement Income, Reverse Mortgages, Transitioning to Retirement, Pre Retirement, Financial Planning for Retirement
|
|
|
| ANSWERS: | | Answered by: JBerman47, 07/09/09
Overall Rating:  Be the first to rate it. | In most cases, a line of credit from a reverse mortgage cannot be used in that manner. You can draw the money up to a certain limit, but you generally are not allowed to pay it back over time. Some companies may permit you to use the line of credit in such a fashion, but the decision is made on a company-by-company basis, and the majority of lenders do not offer such an option Login to rate this answer: |
|
|
|
