For senior homeowners, one viable option is a reverse mortgage, which is a unique type of mortgage that allows individuals aged 62 or older to convert a portion of their home equity into cash.

There were 361 complaints about reverse mortgages submitted to the CFPB in 2023, a number that dropped to 298 in 2024.

Here’s 10 things you need to know about reverse mortgages. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

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One option for people in such situations is to take out a reverse mortgage, which lets them draw on their home equity while continuing to live at home. But the loans are costly and complex ...

For example, according to Ramsey Solutions, “If you take out a $175,000 reverse mortgage at 6% interest on a $300,000 house and you don’t pay it back for 25 years, you (or your family) will ...

And if you're like many retirees, you might be house rich, cash poor if a big chunk of your net worth is tied up in the home. A reverse mortgage lets you tap into that equity without selling the home ...

A HELOC will generally be better for more homeowners in 2025 for a simple reason: it doesn't come with the same age restrictions that a reverse mortgage does. But that's not the only reason why it ...

In chapter 10 of "Inheriting Your Spouse's IRA," author Bill Harris outlines the strategic uses of a reverse mortgage. Reverse mortgages are a type of home loan available to homeowners age 62 and ...

Pockets of the country, particularly urban, African American neighborhoods were hit hard by reverse mortgage foreclosures. Many were targeted by reverse mortgage brokers after the recession when ...

The subject of reverse mortgages is often met with skepticism ... personal finance and more - straight to your e-mail. Profit and prosper with the best of expert advice - straight to your e ...