During your retirement years, the list of expenses you’ll face can be daunting. For those who have paid off their home or only have a small mortgage, a reverse mortgage may be a way to help cover retirement expenses. A reverse mortgage allows you to borrow against the equity you’ve built up in your home. By doing so, you can supplement your income and remain in your current home. If you are thinking about this strategy for retirement, you’ll want to know exactly how a reverse mortgage works and evaluate whether it could be beneficial for your retirement years.
Source: U.S. News