A reverse mortgage is an increasingly attractive proposition for older Americans who may be low on cash, need to supplement retirement income, and want to use their home equity to remain in the house they own.
That’s according to personal finance website, TheStreet, which published a comprehensive article about reverse mortgages that encompasses what they are, eligibility requirements, borrower obligations, payment plan options, borrowing limits and fees.
“Studies show that Americans who have reverse mortgages generally approve of the experience, and most reverse mortgage consumers say they received the amount of money they expected to receive, and that the money lasts either as long as expected or even longer,” says the article. Read the full article.