Older adults who expect to live in their current home for several years may consider a reverse mortgage to provide added financial support to age in place. Reverse mortgages are designed for homeowners age 62 and older. These types of loans are called “reverse” mortgages because the lender pays the homeowner.
Any older adult considering a reverse mortgage much undergo counseling by a government-approved agency. Older homeowners should also be sure to understand these products, who they’re for, and how to separate myths from facts about reverse mortgages.
