A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically...
Key takeaways ; If you’re a homeowner aged 62 or older, a reverse mortgage can help you obtain tax-free income, allowing you to stay in your home, pay bills, supplement your income and more. ; A reverse mortgage isn’t free money: The borrowing costs can be high, and you'll still need to pay for homeowners insurance and property taxes. ; Reverse mortgages can also complicate life for your heirs, especially if they don't want the home or the home's value isn't enough to cover what's owed.
In today's economic climate, a reverse mortgage can help some seniors. Here are some of the best companies to choose from.
All senior homeowners should know and understand the main pros and cons of reverse mortgages before turning their home equity into spendable cash.
If you're a senior looking to reduce expenses or have extra income, a reverse mortgage may be worth considering.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews. If you're 62 years or older, you might be eligible for a reverse mortgage. These types of mortgages allow you to turn your home equity into cash without selling or taking on any monthly payments. You can continue living in the home while using your home equity to support your needs as you age ...
READ MORE ; Residential landlords paid tax on only 63% of rental income ; ‘When I was self-employed, I lived pay cheque to pay cheque’ ; Aer Lingus fails to deliver service on cancelled flights ; Stocktake: Bullish investors wrongfooted by Covid
Key Takeaways Though a reverse mortgage may be ideal for some situations, it's not right for all senior homeowners. Because of the up-front costs, a reverse mortgage may be a costly choice...
It’s time to let the reverse jumbo mortgage out of the doghouse. The loan option got a lot of negative publicity in the past—often for good reason. “There was a big problem with them...
Best mortgage lenders for seniors ; Best for refinancing: Rocket Mortgage ; Best for reverse mortgages: American Advisors Group ; Best for buying a new home: PNC Bank ; Best for retired veterans: Navy Federal Credit Union