Is a reverse mortgage right for me?

A growing number of seniors are taking out reverse mortgages to access cash they can use for anything — from a luxury retirement vacation to basic life expenses. It's an appealing way of getting extra money: You can take out cash without having a payment due until you stop living in your house, sell your house, fail to pay housing expenses like taxes and insurance or die. Meaning there's a real possibility that you can live out the retirement of your dreams with the value you have accrued in your home without owing repayment in your lifetime. But this financing tool is not for everyone and it comes with serious risks. For that reason, it's crucial to speak with a financial advisor and a Department of Housing and Urban Development-certified counselor — which is a requirement of most reverse mortgages anyway. Additionally, consider your options when deciding whether to apply for one and ask yourself these five questions to determine whether a reverse mortgage is the right choice. You can borrow against the equity accrued in your home with a reverse mortgage Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability. …