Reverse Mortgages Basics
If you are happy and content with your home but want more money to live on in retirement, a reverse mortgage may be for you. A reverse mortgage allows you to tap into the equity in your home while you still live in it.
Costs of Reverse Mortgages
Although many of the costs of a reverse mortgage are similar to those charged on a traditional mortgage loan, some are unique. Here are the types of fees you typically see on a reverse mortgage.
Reverse Mortgage Payment Options
The more your home is worth, the older you are, and the lower the interest rate and other fees a lender charges, the more you should realize from a reverse mortgage. There are multiple options as to how you receive your reverse mortgage money.