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Should seniors consider a reverse mortgage now? | Prime Living

Savvy Senior

 

Last updated 9/23/2020 at 11:19am

A reverse mortgage is one option to consider for seniors on fixed incomes who are looking for a way to reduce monthly expenses and keep their homes.

Dear Savvy Senior,

What can you tell me about reverse mortgages? The coronavirus damage to my retirement account has me considering it, but I want to make sure I know what I'm getting into.

– Cash-Strapped Senior

Dear Cash-Strapped,

Massive job losses, a volatile stock market and low interest rates caused by the coronavirus pandemic has caused many cash-strapped retirees to consider a reverse mortgage. But there's a lot to consider to be sure it's a good option for you now.

Let's start with the basics

A reverse mortgage is a unique type of loan that allows older homeowners to borrow mone...



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