Healthcare becomes an increasingly important issue as you age. As retirement approaches, planning to deal with declining health—and more specifically—the costs involved, can make or break the financial stability that most of us aim for at the end of our careers.
One tool that older homeowners have at their disposal to meet the financial demands of retirement, is a Home Equity Conversion Mortgage (HECM). Commonly called a reverse mortgage, these loans allow homeowners over the age of 62 to access the equity in their homes while still living there. Payments on these loans don’t come due until the last borrower passes away or the home is no longer their primary residence.