According to the U.S. Department of Housing and Urban Development (HUD) a reverse mortgage is “…a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage…”
In short, you can tap the equity in your home to fund your retirement while still living in your home. See the details of HUD’s Reverse Mortgage Program and view this informative video from Forbes.com to learn if a Reverse Mortgage is for you. The video will start after a brief commercial…
Bonus Link: Check out the FTC’s Reverse Mortgage fact sheet for even more information.
