Is a Reverse Mortgage Right for You?

Home equity is the largest source of savings for most people entering retirement. A reverse mortgage allows homeowners to access a home's equity to provide extra income during retirement. However, few people understand how reverse mortgages work and consider them as an option. Read on to learn more about reverse mortgages and determine if one might be the right choice for you.

Image source: The Motley Fool

With many baby boomers entering retirement with underfunded retirement savings, tapping home equity may be a good solution to provide needed funds for daily living expenses. However, only 2% of eligible homeowers have taken out a reverse mortgage.

Source: Fool.com