Reverse mortgages sometimes seem like the perfect solution for retirees who need a bit of extra income. Reverse mortgages allow homeowners who are at least 62 years of age to access their home equity, but the TV ads don't always fill in all the details you need to know before you consider taking one out.
If you're paying a mortgage of any kind, interest is involved. In a regular mortgage, you're aware of the interest, because you pay it every month as you pay down the principal. In a reverse mortgage, you're not making any payments — but the interest is still adding up. Depending on the details of the mortgage, the interest can amount to a point where it eats up the remaining equity in the home.
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