What to Do When an Interest-Only Mortgage Expires; Reverse Mortgage, S...

What to Do When an Interest-Only Mortgage Expires

Reverse mortgage may not be the answer

Masterfile Q. I'm 64. My interest-only mortgage is going up, but I can't afford it. Should I get a reverse mortgage? Or use all my savings to pay down what's owed and get a fixed-rate mortgage for the rest? See also: A. You may not qualify for a — generally you have to own your home outright or have a lot of equity in it. Using up your savings may not be wise. A housing counseling agency may be able to help you. Check with the Department of Housing and Urban Development at 1-800-569-4287.

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Nolo.com on pet care, Don Redfoot on reverse mortgages, Social Security Administration on Social Security. Send your questions to: Ask the Experts, AARP Bulletin, 601 E St. NW, Washington, DC 20049, or e-mail [email protected]. Check out aarp.org/bulletin for previously asked questions and answers.

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