What’s a Reverse Mortgage?
Reverse mortgages are designed to help people who are retirement age afford to stay in their homes longer. Generally, this means that mortgage payments stop and there might even be some form of payment to the homeowner. What goes up must come down,” so goes the saying. And, to that end, what goes forward must also go in reverse. Turns out the same also applies to mortgages, sort of. Except, instead of being a direct inverse from a “forward” mortgage, reverse mortgages are kind of their own special thing. If you don’t read beyond this opening section, just remember that the big takeaway here is going to be that some reverse mortgages are good, some are bad and you need to always, always read the paperwork before signing on the dotted line. This goes doubly if your parents are considering a reverse mortgage and you’re going to be helping them deal with their finances as they age. Reverse Mortgages and Their Bad Reputation When reverse mortgages were first becoming fairl
