When you apply for a reverse mortgage, also known as a HECM home equity conversion mortgage, you are essentially borrowing money from some of the equity you have built up in your house.
One great advantage of a reverse mortgage is that you are not required to make monthly payments until you no longer occupy the home. If you have a reverse mortgage you must be able to pay property taxes, homeowners’ insurance, other applicable property charges and occupy your home.
So how can you tell if a reverse mortgage is a good solution for you?