You see the ads on TV, in the newspaper, and online. They push the benefits of a reverse mortgage for homeowners over 62: pay off your existing mortgage, supplement your income, pay for healthcare expenses, and more. But is a reverse mortgage right for you? That depends. While a reverse mortgage may increase your monthly income, it can put your retirement security at risk if you’re not careful.
Reverse mortgages take part of the equity in your home and convert it into payments to you. The money you get usually is tax-free, and it generally won’t affect your Social Security or Medicare benefits. But a reverse mortgage is not all sunshine and roses.
Here are some things to consider:
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