For many people, saving for retirement is a decades-long effort. Still, it's not easy to set aside enough to live comfortably. One way older adults can get additional cash is to borrow against their home's value. With a reverse mortgage, you can get your money all at once, or choose a line of credit you can tap into whenever you need to pay the bills - or spoil the grandkids.
- Homeowners age 62 and older are eligible
- No principal and interest payments while borrowers live in home
- Borrower retains 100% title to property
- Loan is repaid from eventual proceeds of home sale
- Choose either a lump sum or credit line
- Money is not taxable and does not affect Medicare or Social Security benefits