Should seniors consider a reverse mortgage now? | Prime Living
Last updated 9/23/2020 at 11:19am
Dear Savvy Senior,
What can you tell me about reverse mortgages? The coronavirus damage to my retirement account has me considering it, but I want to make sure I know what I'm getting into.
– Cash-Strapped Senior
Massive job losses, a volatile stock market and low interest rates caused by the coronavirus pandemic has caused many cash-strapped retirees to consider a reverse mortgage. But there's a lot to consider to be sure it's a good option for you now.
Let's start with the basics
A reverse mortgage is a unique type of loan that allows older homeowners to borrow mone...