Reverse Mortgage Can Provide Retirement Money

Added September 26, 2005 by Think Glink Staff

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Summary: A reverse mortgage can allow you to tap the equity in your home without having to sell it or take on another loan. Reverse mortgages or HECMs are commonly used by older Americans in retirement. A reverse mortgage can supplement other retirement income from investments and Social Security.

Q. Who should consider reverse mortgages?

A. Reverse mortgages allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.

Reverse mortgages can help finance a home improvement, pay off a current mortgage, supplement retirement income, or pay for healthcare expenses.

As such, many older Americans can take advantage of reverse mortgages and should consider reverse mortgages as an element of their personal finance plans.

Sept. 26, 2005

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