If you are a homeowner who is retired or nearing retirement, you may have heard about reverse mortgages as a potential financial solution. A reverse mortgage is a financial arrangement that empowers homeowners to convert a portion of their home equity into readily available cash. Instead of making monthly payments to the lender, the homeowner receives payments from the lender based on the value of their home. However, before deciding whether a reverse mortgage is right for you, it is important to consider some key factors.
9 January 2024