Many retirees rely heavily on Social Security as their primary income, but in challenging financial situations, exploring options like reverse mortgages can help enhance cash flow.
Reverse mortgages, particularly the Home Equity Conversion Mortgage (HECM), allow seniors with substantial home equity to borrow against that value without making payments during their lifetime.
Although reverse mortgages can be beneficial for those with limited assets beyond their homes, they could complicate estate plans by reducing what heirs may inherit.
Recent surveys show that about one in five retirees depend solely on Social Security, highlighting the importance of additional income sources, like reverse mortgages.
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