If you're 62 years of age or older and want money to supplement your income, you might consider a reverse mortgage. You'll be able to convert part of your home equity into cash without having to sell your home or keep paying your mortgage.
Not all reverse mortgages are the same. The home equity conversion mortgage, insured by the federal government, is available only through a Federal Housing Authority-approved lender. For homeowners 62 years of age or older with significant equity in a home, an HECM may be an attractive idea. It's a way to supplement retirement income by allowing eligible homeowners to access a portion of the equity.
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