Retirees are banking on their homes, in reverse. By taking on a reverse mortgage, borrowers aged 62 and older can cash in on the value of their home and avoid paying back the loan for as long as they live in the property.

Reverse mortgages help retirees lessen their expenses and increase their monthly cash flow. Borrowers can generally receive their reverse mortgage cash in either one lump-sum, a regular monthly cash advance or as a line of credit.

Reverse mortgages also allow seniors to convert part of their home equity into tax-free income, letting seniors easily borrow against the value of their home without selling it. Today’s reverse mortgages are non-recourse loans and lenders do not share in any appreciation or accrued equity.

Safe and simple, reverse mortgages are a valuable option for senior homeowners having trouble living on a fixed income or in need of extra cash for any unforeseen expense.

For complete information on reverse mortgages, see the book illustrated in this blog post by clicking on the attached image.

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