Can a reverse mortgage help save an underfunded retirement?
What if you’re close to retirement (or retired) and the bulk of your net worth is tied up in the value of your home?
Such a situation is what experts call being “house rich, but cash poor.”
For many seniors, their largest retirement asset is their home. And so, of course, the financial institutions found a way for folks to tap that money. It’s called a reverse mortgage, which allows people who are 62 or older to borrow against their home’s equity.
Read More: Washington Post
