One of the greatest fears for people who are nearing retirement is not having enough money to maintain a reasonable lifestyle. A reverse mortgage allows you to borrow cash against the value of your home. It is aimed specifically at this group.
Most often it is the children of the elderly that have to understand the detail of the various finance options. Commonly they will not have to explain the detail but they may have to answer questions about it. If their parents trust them to make these decisions then they have to be sure that it is the right decision.
We take a look at how the reverse mortgage works and provide some tips on what you should look out for before entering into one. [more..]