Is a Reverse Mortgage Right for You?
A reverse mortgage is not right for everyone. It tends to make the most sense if you plan to stay in your home for years, want to eliminate a monthly mortgage payment, or need to supplement income. It may be less ideal if you plan to move soon or want to preserve the maximum amount of equity for heirs. Honest guidance matters more than a sale.
Key points
- Best if you plan to stay long-term
- Helpful for eliminating a mortgage payment
- Less ideal if you may move soon
- Weigh the equity left for heirs