Things to know about reverse mortgages that could help your retirement

COMMENTARY /// Home finance

Ten-thousand people a day are turning 62. Did you know that 62 is the minimum required age to take out a reverse mortgage?

What was once considered a loan of last resort, today’s reverse mortgages are much different than their predecessors. Interest rates and costs for reverse mortgages are much lower. There is a financial assessment in place ensuring that borrowers can pay property taxes, homeowners insurance and have enough left over to pay for regular upkeep and maintenance of their home.

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