Reverse mortgages are becoming popular in America. Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.
While these products can be a useful tool, they have characteristics which consumers need to be aware of before entering into such a significant financial transaction.
Read more on the U.S. Department of Housing and Urban Development's (HUD) website: https://www.hud.gov/program_offices/housing/sfh/hecm/hecmhome