This is a type of loan that allows homeowners over the age of 62 to turn their home equity into cash as a way to help fund their retirement. A reverse mortgage converts the equity and pays the homeowner. However, it is still a loan, which means it needs to be paid back. A typical way a loan is repaid is by selling the home and using the proceeds to repay the reverse mortgage in full.
Read more: How to Use Your House to Free Up Cash
Zach Child is a recent graduate from the University of Washington with an interest in digital marketing strategy. At Sundae, Zach is part of the team that distributes editorial content across social channels and is responsible for the creation of visual content that helps grow Sundae’s brand.