I’m getting a lot of questions these days about “reverse mortgages,” which offer a way to unlock the equity in your home without selling it. The mounting interest in this topic speaks to the desperation many Americans feel as they struggle to fund increasingly long retirements.
In order to qualify for a reverse mortgage you must be 62 or older, own your home, have equity in that home, and can never have defaulted on a government loan. In addition, you must receive Home Equity Conversion Mortgage counseling before the loan can be consummated. The purpose of this last rule is to ensure you understand the unusual nature of the commitment you are making with a reverse mortgage.
Read the rest of the article from the Atlanta Journal-Constitution
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