A reverse mortgage is a type of home loan that allows homeowners who are 62 years of age or older to convert a portion of their home equity into cash. Unlike a traditional mortgage, with a reverse mortgage, the homeowner doesn't make monthly payments to the lender. Instead, the lender makes payments to the homeowner.
Reverse mortgages can be a useful financial tool for homeowners who want to supplement their retirement income or pay for unexpected expenses. However, they also come with risks and should be carefully considered before taking out a loan. It's important to understand the costs, repayment terms, and eligibility requirements before deciding if a reverse mortgage is right for you.