Reverse Mortgage Loan Blog

If you are in your 60s, chances are you have some knowledge of reverse mortgages.

A reverse mortgage can be a financial lifeline for retired homeowners who have more expenses than income.With CD interest rates in the 2 percent range and stock market performance erratic, many homeowners are finding themselves financially squeezed.

But before signing up for a reverse mortgage, be sure you carefully weigh your options.

Homeowners wanting to tap their home equity generally have three options. They can sell their residence and downsize to a smaller home or apartment, take out a home equity loan or use a reverse mortgage.

To qualify, a homeowner generally must be at least age 62.

A reverse mortgage allows the homeowner to convert their home’s equity into cash and use it for any purpose. The homeowner takes the loan from a bank.

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