If you’re 62 or older you may be considering a reverse mortgage to pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses. A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
For more information about how a reverse mortgage works, here is a link to the Federal Trade Commission's online publication: Reverse Mortgages: Get the Facts Before Cashing in on Your Home’s Equity.
