More and more homeowners are considering tapping their home equity as they approach retirement age. Getting a reverse mortgage is one way that some older homeowners can do that.
Reverse mortgages are a special type of home equity loan sold to homeowners aged 62 years and older, which are repaid when the borrowers sell the home, move out, or die.
Reverse mortgages are a complicated type of loan that works best for homeowners who carefully consider all of their options.
Check out the guide to reverse mortgages (pdf) to learn more about them.