Christmas is over. The tree is coming down soon. The houseguests have all gone home. And although the holidays were wonderful, you're starting to suffer that buyers's remorse that kicks in after the season comes to a close.
Sure you loved the looks of surprises on the faces of children and grandchildren as they opened their gifts. But when the credit card bill comes, you start to wonder if you really needed to buy the latest toys and gadgets for everyone in the family. More importantly, you're wondering how you're going to pay off those bills before it's time to do it again next year.
The reverse home mortgage might be a way to get you out of that debt. There are several different options available to you in terms of how to accept payments from a reverse mortgage loan. If your credit card debt is small, you can use monthly payments to pay it off quickly and then have some spending money down the line. If you really went all out and racked up some debt, a larger lump sum payment could pay it off and get you out from under those high interest rates.
The truth is that you know that those gadgets aren't necessary. But you also know that the role of grandma or great-uncle is to get those things that parents know aren't necessary to give as gifts. And you want to be able to fulfill that role. You just need to figure out smart ways to pay off the debt so it doesn't become a problem.
Question of the Day: How much was your annual Christmas debt this year?
