A reverse mortgage is a loan against your home that you do not have to pay back as long as you live there. To be eligible you must be 62 years of age and own your home. Here is the key – it does have to be paid back. Did you catch that? You have to pay it back when you move, die or sell the house. Why would you stiff your family with that bill when you do not have to? If you did not do a reverse mortgage, you would be regularly paying on your mortgage and have a plan to pay the house off. This way if something happened, your family would not be left with this bill. Would you take a reverse mortgage so you could go on vacations?
