Reverse Mortgages 101

Reverse mortgages have gained popularity in recent years among people in the retirement phase of their life.Reverse mortgagesare attractive to retirees living on fixed incomes because they don’t have to make any payments while they’re living in their house.

However, it is important to remember that although you’re not making payments, a reverse mortgage is a loan and at some point it will have to be paid back – along with fees and interest.

How Does a Reverse Mortgage Work?

Applying for a revers...