A reverse mortgage allows someone over the age of 62 to convert part of the equity in their home into cash without selling the home. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. Before doing a reverse mortgage, make sure you understand how reverse mortgages work, what types are available and how to get the best deal.
Articles About Reverse Mortgage
- How Reverse Mortgages Affect Medicaid
Seniors are pitched the benefits of a reverse mortgage as a way to "unlock" the equity in their home and pay for a better lifestyle. If they take advantage of this option, what happens when they no longer live in the home and try to qualify for Medicaid?
- Understanding the Pros and Cons of Reverse Mortgages
Reverse mortgages are becoming increasingly popular ways for seniors to increase their cash flow and cover costs. As with any financial strategy, it’s important to consider the benefits and drawbacks of this method for increasing retirement income.
- How Seniors Can Tap Home Equity for Retirement Income
For some homeowners, a reverse mortgage may be the best way to provide retirement income or pay off debts. However, seniors have other options that may make more sense than a reverse mortgage, depending on their goals and financial situation.