Everybody's heard of the new fangled mortgage called a "Reverse Mortgage", yes? They are primarily designed for people 62 or older who are "house rich and cash poor." A reverse mortgage allows the owner of the home to take the money out of the home over a several year period. The idea being that your house will pay you cash to take care of expenses you incur in your later years. It seems like an okay idea until you're tapped out. Then what? Just my opinion, but I would consider a reverse mortgage ONLY as a last resort in a desperate situation.To find out more, put "reverse mortgage" into a search engine, or see this thoughtful article on this subject on the HGTV website. Also, AARP has dedicated a website to the subject at AARP Reverse Mortgages. Check it out.
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