NextSteps: Reverse mortgage one way to help retired couple

Posted by charles dennis

May 4, 2007

But the FHA-insured reverse mortgage, available to homeowners age 62 and over who live at home, allows seniors to transform home equity into monthly income streams and/or credit lines, depending on family needs. The mortgage is repaid when the senior no longer occupies the residence.

While tapping home equity to meet current needs and quality of life may not be the option of choice for many seniors — because that is not how they were raised — for folks like our reader’s parents, a reverse mortgage may be the best solution. Read More: