Reverse Mortgages

Reverse mortgages are a type of home loan that allows homeowners to convert a portion of their home equity into cash. Unlike a traditional mortgage, in which the borrower makes monthly payments to the lender, with a reverse mortgage, the lender makes payments to the borrower.

This can be a useful financial tool for seniors who own their homes outright or have a significant amount of equity built up, as they can use the funds to boost their retirement income or to cover unexpected bills. However, there are certain eligibility requirements and risks associated with reverse mortgages, so it is important to fully understand the terms and conditions before deciding to pursue one.