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What seniors need to know about reverse mortgages

Reverse mortgages can be a great financial lifeline, but they aren't a simple process. Here's what you need to know.

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For seniors who have equity in their homes and want to supplement their income, reverse mortgages can be a great asset. They can also be confusing and if not properly researched, extremely risky. (Photo: Shutterstock)

Reverse mortgages can be a tricky subject, but for many seniors, they can also be a financial lifeline.

Reverse mortgages, also called home equity conversion mortgages, are loans for seniors age 62 and older that are insured by the Federal Housing Administration (FHA). Reverse mortgages allow homeowners to convert their home equity into cash with no monthly mortgage payments, while still remaining residents of their home.

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Danielle Ling

Danielle Ling

Danielle Ling is an experienced video journalist and business reporter. As associate editor, Danielle manages all multimedia and reports on industry news and risk-related coverage, managing all weather-related content. A University of Maryland and Philip Merrill College of Journalism alum, Danielle previously served as a video journalist for Verizon FiOS 1 News NJ, Push Pause. Connect with Danielle on LinkedIn or email her at [email protected].

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