Chapter 39. Annuities and reverse mortgages
“Money, if it does not bring you happiness, will at least help you be miserable in comfort.” | ||
| --Helen Gurley Brown | ||
Reverse mortgages have become increasingly popular in recent years as a way for house-rich, cash-poor owners of homes, which have dramatically increased in value since they were first purchased, to get access to the equity in their homes to help support themselves.
Essentially, a reverse mortgage, like a conventional mortgage, is a loan that uses your home as security for the loan. However, unlike a conventional mortgage loan—where you borrow money from a bank or other financial institution and then proceed to pay back the loan with interest over a number of years—with a reverse mortgage, ...
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