Over 62? Own your home? Don’t plan to move? A reverse mortgage may be an opportunity for you.
This special home loan lets you convert equity into cash. The loan comes due when you no longer live in your home. You can supplement retirement income, pay unexpected medical bills, pay off debt or make home improvements. You’re still responsible for real estate taxes, utilities and insurance.
For those who have limited incomes, this can be a viable option as a last-resort revenue source. You will never owe more than the value of your home with a reverse mortgage loan.