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What are the different types of reverse mortgages?

The most common type of reverse mortgage is known as a home equity conversion mortgage (HECM). These loans are backed by the Federal Housing Administration (FHA); borrowers pay an insurance premium in order to participate, which is used to fund FHA reserves.

Can a reverse mortgage affect my retirement income?

Funds from a reverse mortgage can impact eligibility for need-based retirement income like Medicaid and Supplemental Security Income (SSI). If you’re applying for a reverse mortgage, talk to a counselor from an independent government-approved housing counseling agency first.

What are the pros and cons of a reverse mortgage?

Here are the pros and cons. Many seniors experience a significant income reduction when they retire. A reverse mortgage allows you to supplement that diminished income without digging into savings. You don’t have to make monthly payments, either, which could help free up room in your monthly budget.

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