Retirees may remain in their homes while accessing the home equity for supplemental income through the use of a

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A reverse mortgage allows retirees to access the equity in their home without having to make monthly payments. Instead, the loan balance and accrued interest are repaid when the homeowner sells the home, passes away, or permanently moves out. This can be a good option for retirees who want to remain in their homes but need additional income to cover expenses. Shared appreciation mortgages, price level adjusted mortgages, and decreasing term mortgages are all different types of mortgages that do not provide the same benefits as reverse mortgages in terms of accessing home equity for supplemental income during retirement.

Retirees May Remain in Their Homes While Accessing the Home