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Experts say there are certain times in particular that a reverse mortgage could make financial sense. Getty Images/iStockphoto
Seniors are facing serious economic headwinds these days. Inflation is up, interest rates are high, and to make matters worse, the cost of medical care is rising, too.
To combat all these challenges, many seniors are looking for ways to supplement their income. One option — at least for those who own homes — is a reverse mortgage. With these types of products, your lender pays you out of your home equity. You can then use those funds for whatever purpose you wish.
These can be smart tools when used in the right circumstances, but they aren’t right for everyone.
Learn more about your reverse mortgage loan options online now.
Here’s when a reverse mortgage makes sense, experts say
Are you considering a reverse mortgage to pad your finances? Here’s when experts say it might be a good move.
You’re short on retirement funds
Not everyone has a flush retirement fund or access to a pension. If you’re worried about funding your retirement lifestyle, then a reverse mortgage might be a smart path forward.
Here’s when a reverse mortgage makes sense, experts say
