Wondering what a reverse loan is all about and why it's popular among seniors? Read along. Simply put, a reverse loan is a responsible way to use your home's equity if you are 62 years or older.
There are plenty of benefits when you apply for a reverse loan. Let's take a look at some of them:
Stop making mortgage payments and getting extra money every month. This can supplement your retirement income and help you prepare for emergencies that come along the way.
A reverse loan allows you to stay near friends and family in your home. You don't have to move and find a more affordable home to get the cash that you need. The income you get from a reverse loan is not taxable.
