Summary
The U.S. Census Bureau reports that more than half of the net wealth owned by householders age 65 and older is tied up in their homes and other real estate. Rising home values and low returns on income investments have increased to record levels, increasing the number of older homeowners seeking reverse mortgages as a way to tap the equity in their homes.
Seniors are using the income to pay for prescription drugs, long- term-care insurance and home renovations or to maintain a reserve for any future emergency.See the full content of this document
Extract
Get Tax-Free Cash From Your Home
Most reverse mortgages are insured by the federal government. The amount of cash you are ...
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