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QUESTION:
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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 |
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Categories:
Retirement Income, Pre Retirement, Reverse Mortgages, Financial Planning for Retirement, Transitioning to Retirement
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| 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: |
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