With homeowners’ cash needs often outstripping their available financial resources, many people are tapping the equity in their homes. Although home equity loans are a popular choice, some older homeowners have turned to a reverse mortgage to generate cash from their primary home.
The reverse mortgage product has been around since 1961, and continued to be revised through 2017. Before jumping on the reverse mortgage bandwagon, however, take time to understand the upsides and downsides of this income generation method. Continue reading “Reverse Mortgages: What You Need to Know”