Many people have retired with what they assumed would be comfortable retirement income only to find that inflation, rising health care costs, and unexpected expenses have worked to make their retirement less secure. If you have equity in your home…you could convert that equity to cash without having to move or assume debt.
A reverse mortgage is a loan against the value of your home that does not have to be paid back for as long as you live in the home. Simply put, a reverse mortgage converts some of the equity in your home into income.