Many retirees and seniors explore the option of a reverse mortgage as a way to tap into their home equity in order to receive a chunk of monthly income. With a reverse mortgage, you generally don't have to pay back the loan until you die, move, or sell the home. But before you sign up for a reverse mortgage, make sure you understand the pros and cons, including the tax implications and the potential pitfalls. And as you search for a reverse mortgage lender, beware of the many scams targeting folks seeking reverse mortgages.
Learn about reverse mortgages -- and whether you are a good candidate for one.
Tax Implications of Reverse Mortgages
As far as taxes go, there are pros and cons to reverse mortgages.
Know the risks of reverse mortgages and watch out for reverse mortgage scams.
Taking Out a Reverse Mortgage to Delay Collecting Social Security Benefits: Good or Bad Idea?
Mortgage brokers and lenders sometimes tell homeowners who are age 62 or older that a good financial strategy is to take out a reverse mortgage and delay claiming Social Security benefits. Find out if this is generally a good plan.
Foreclosure of Reverse Mortgages
Learn when a lender can foreclose if you have a reverse mortgage.
Reverse Mortgages: Foreclosure Protections for Nonborrowing Spouses
Reverse mortgage rules might be able to protect you if your spouse passes away, but you aren't named as a co-borrower on the mortgage.
Using a Reverse Mortgage to Prevent Foreclosure
For homeowners 62 and over, a reverse mortgage could help avoid foreclosure. But it's not always the best option.
Can I get a reverse mortgage on a condo?
Learn whether you qualify.
Is a reverse mortgage or home equity loan better for me?
Learn what to choose.
I am 65 and my wife is much younger. Can we get a reverse mortgage?
See if you qualify.
If I get a reverse mortgage, can I leave my home to my heirs?
Learn the answer here.