Reverse mortgage expert says homeowners 62+ with substantial equity may still have options—even if behind on mortgage .
A reverse mortgage is a type of home loan for seniors ages 62 and older.
A growing number of seniors are taking out reverse mortgages to access cash they can use for anything — from a luxury retirement vacation to basic life expenses.
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The most common type of reverse mortgage, the home equity conversion mortgage (HECM), is backed by the FHA.
They're helpful in some cases but also come with downsides Angie Mohr, CPA, CA, and CMA, has 18+ years of experience as a freelance finance writer.
If you're like many retirees, your home equity represents one of your largest stores of wealth.
With a reverse mortgage, you borrow against the equity in your home, freeing up cash.
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Retirees in coastal destinations are increasingly using reverse mortgages to fund their retirement lifestyles and still hold onto their homes.