You borrow against the equity in your home and the money does not have to be paid back until you die or want to move.
They have been around since 1990 and are getting better and more popular. According to NRMLA* there were just over 73,000 such mortgages nationwide last year.
These mortgages are not for everyone. Who should consider one? A cash strapped elder who wants to stay in their home! An individual who is on a fixed income and living in their own home and wants to stay in their home may find a reverse mortgage gives them the cash they may need to maintain their lifestyle, but more importantly may give them the cash they need to make repairs or modifications on the house so they can continue to live there.
There are no restrictions on how the money is used. Which worries me for many retirees are getting a reverse mortgage and going on a shopping spree, traveling with the money, or helping their kids get out of debt "
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