Understanding Reverse Mortgages
Some retirees sell their homes and move to less-expensive locations, but if you're determined to stay in your home, there are financial options available to you. One of those options is a reverse mortgage.
A reverse mortgage can provide you with the cash you need without selling your property. If you’re 62 or older, you might qualify for a loan that enables you to convert part of your equity into cash. A reverse mortgage can be a good option for cash-strapped seniors, and one of the best features is that you don't have to repay this loan for as long as you live in the house.
Use your home’s equity for a variety of purposes: pay off debt, make home improvements or keep the money as a cash cushion. If you feel this option is right for you, GOBankingRates can help you find the best type of reverse mortgage.