If you’re a retiree, you have probably heard talk of reverse mortgages. What exactly are they? What are the pros and cons? Is a reverse mortgage a good idea for you personally?
Reverse mortgages are basically loans available to people over 62. Using your house as collateral, the lender gives you money to use during your retirement. The income usually is not taxable, and it generally won't affect your Social Security or Medicare benefits. There are no loan payments — since you're borrowing money against the equity in your house, you don't have to repay the loan as long as you own the house. You can choose to receive your money as a monthly income, or as a line of credit...
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