For seniors who own their own home — fully paid off or with a small remaining mortgage — but need more income, a reverse mortgage can be the perfect solution. Or it can be a costly mistake.
And you won’t know until you consider all the costs as well as your likely future housing needs.—You can withdraw either a lump sum, use a line of credit, or receive monthly payments — tax free — out of the equity you have built up on your home.
—The standard home-equity conversion mortgage is available to homeowners age 62 or older who have either paid off their mortgage or have a small remaining balance. The reverse mortgage is first used to pay off the mortgage balance. —Would you be better off selling your home now, in a rising price environment, and banking the cash — or using it to move into a continuing care community, where your future health needs can be accommodated? It’s a tough call to leave the family home, but better to make that decision while you have flexibility.
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