Money for Retirement: Reverse Mortgages for Seniors

Reverse mortgages for seniors can provide an extra source of income during their retirement years. Reverse mortgage programs are designed to provide you with a way to tap into your equity and receive regular monthly payments from a lender. With this program, you will not be required to make any monthly payments to the lender. They will make payments to you until the equity in your home has been exhausted. At that point, you can continue to live in the house as long as you want without repaying them. They are not going to be paid back, until you sell the house or until you pass away.

Supplementing Income

This type of program can be a great way to supplement your income during retirement. Many seniors find themselves trying to live on Social Security as well as their retirement portfolios. If your retirement portfolio is lacking, it can be very difficult to live comfortably. By utilizing a reverse mortgage, you will be able to create a steady source of income that will allow you to live in a manner that you choose.