Homeowners can utilize the equity in their home for various purposes through a reverse mortgage. Until the owner dies, the house is sold, or the owner relocates, the loan doesn’t have to be paid off. But in the US, second and subsequent mortgages are not eligible for the reverse mortgage. Usually, this is not a good decision.

It’s startling to find out that if you were to pay only one extra payment per year, you could cut five to six years out of your mortgage payments! While you can deduct your mortgage interest paid from your tax bill, that will not save you more than a few thousand dollars each year. This results in only a few cents on the dollar as a tax deduction annually.

You can go further and instead of saving thousands of dollars every year why not save them every month?

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