Savvy Senior: What You Need to Know About Reverse Mortgages

Dear Savvy Senior,

What can you tell me about reverse mortgages for retirees? My wife and I are contemplating getting one but want to make sure we know what we’re getting into.

Running Short

Dear Running,

For retirees who own their home and want to stay living there, but could use some extra cash, a reverse mortgage is a viable financial tool, but there’s a lot to know and consider to be sure it’s a good option for you.

Let’s start with the basics.

A reverse mortgage is a unique type of loan that allows older homeowners to borrow money against the equity in their house (or condo) that doesn’t...