If you’re a homeowner aged 62 or older, you may have accumulated substantial equity in your home, potentially owning it outright. As everyday living costs increase, it’s understandable to consider using some of that equity to cover your daily expenses. A reverse mortgage may be your answer. However, while reverse mortgages can be lifesavers for some homeowners, they can be complicated, and they aren’t designed for everyone. In this guide, we lay out the reverse mortgage pros and cons so you can decide if taking this step might be the right move for you. Reverse mortgages are loans designed for seniors and retiring homeowners. These loans let the homeowner convert their home equity into money while allowing them to continue to live in their home. Here are some common qualifications for reverse mortgages, according to the Consumer Finance Protection Bureau: Other qualification requirements vary depending on the type of reverse mortgage you choose.What is a reverse mortgage?
