What Is a Reverse Mortgage?

Reverse Mortgage Application on Table

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If you’re age 62 or older, own your own home, and are searching for different ways to fund your retirement, securing a reverse mortgage might be the answer for you. A reverse mortgage is a financial product that enables you to easily convert the equity in your home into usable cash.

Whether you need the financial means to pay off your current mortgage or cover substantial healthcare expenses, a reverse mortgage can give you a line of credit minus the need to repay a monthly loan or hit you with unwanted fixed monthly payments. Here’s a brief outline concerning both the pros and cons of getting a reverse mortgage.

Joshua Williams

Joshua Williams

Joshua is a freelance writer with years of experience blogging about business and finance, and a whole host of other things too. When he's not writing, he enjoys camping with his dog, a golden retriever named Oakley.

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