Reverse mortgages enable seniors who own their homes to tap into the home equity. These homeowners can generally access between 20 and 30% of the equity in their homes while continuing to live there. The money can be used for day-to-day expenses, home repairs, in-house care, or any other needs. In most programs, the loan and accumulated interest is not repaid until the house is sold or the homeowners die.While reverse mortgages have benefits, they are relatively expensive, and can deplete the equity available in the house. This could possibly leave those needing to sell without the resources to obtain alternative accommodation.
Read more by clicking HERE