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Reverse Mortgages: A Viable Option for Seniors
For homeowners aged 62 and older, reverse mortgages provide another avenue for converting home equity into cash. Unlike traditional loans, reverse mortgages do not require monthly payments; instead, the loan is repaid when the homeowner sells the house or passes away. This option can be particularly beneficial for retirees needing to supplement their income without increasing monthly expenses.
The National Reverse Mortgage Lenders Association reports that reverse mortgages can provide financial security and flexibility for seniors, with over $7 trillion in home equity available to older Americans2.