raaman
Valued Contributor
If you are a retired person, and want to get out of debt, then you need to consider moving to a smaller home or apartment in case you are staying in big house so as to reduce the costs incurred every month and use the income if any from your previous home to pay off the outstanding debts.
In case you solely own your home, then a reverse mortgage can help you with some income to pay off debts by borrowing against your home value.
But, this option should be considered carefully. You can also look for some part-time work opportunities that fit your talents and schedule. This way you can spend your time productively and increase your income for debt payments.
In case you solely own your home, then a reverse mortgage can help you with some income to pay off debts by borrowing against your home value.
But, this option should be considered carefully. You can also look for some part-time work opportunities that fit your talents and schedule. This way you can spend your time productively and increase your income for debt payments.
