What is it?

A reverse mortgage is a loan that uses the equity on your home as collateral. You receive monthly payments and repay the loan, plus interest, when you sell your home.

When is it a good idea?

If you already own your home (or your regular mortgage payments are relatively low), a reverse mortgage can be good way to cover expenses or generate extra income at any age, especially in retirement.

Fast Facts

$625,500  the maximum amount you can receive from a reverse mortgage

$30,000  typical fees for a reverse mortgage

Source: Dummies

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