Perhaps you have won the lottery, received an inheritance, or cashed in one of your investments, and now you have a large sum of money you don’t know what to do with.
Although it is tempting to cruise around town in a brand new sports car it is important to think carefully about how to spend your newfound cash.
To give you some ideas on the smartest way to use your new wealth, here are five things to do with a windfall other than spend it right away:
A reverse mortgage is a way to use the equity value that built up in a home to improve the quality of life for those who have appropriate circumstances when they reach the retirement age of 62 or older. With a reverse mortgage, a person continues to live in their own home and retains the title to it but does not have to make any monthly reverse mortgage payments.