How seniors can use a reverse mortgage

By Marcie Geffner -

Reverse mortgage loans allow seniors to borrow against the equity in their home and get a lump sum, line of credit or monthly payments as long as they own and occupy their home. The opportunity is attractive to many.

But is it smart?

The answer depends largely on the homeowner's personal financial situation. What's smart for some might not be so for others. Still, experts say there are many uses that make sense in at least some situations and only a few uses that almost never make sense in any situation.

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