For homeowners, age 62 is the magic number, unlocking home equity like reverse mortgages for the retirement crowd. This option allows a homeowner to withdraw cash from home equity, paying the homeowner, unlike a traditional mortgage where the borrower pays the lender. This can be a valuable income source for seniors to supplement everyday expenses. The reverse mortgage is a loan repaid upon selling the home or when the borrower dies.
TruReviewz provides comprehensive review coverage about the different types of reverse mortgages, like home equity conversion and proprietary reverse mortgages, the benefits, and lenders offering reverse mortgages. Lenders should have positive feedback and a track record of good reviews, allowing borrowers the flexibility of different payout options and eligibility for need-based programs. Sometimes, a reverse mortgage is a senior’s only source of income for a while, making it a crucial component to understand.
Our reviews help you understand a financial decision more clearly before making it. We highlight the pros and cons of reverse mortgage lenders and terms, helping you enhance your golden years with better financial investments.
