Reverse Mortgage: A Potential Way to Advance Your Life

René Nourse, CFP® |

It's a good idea to have a clear understanding of the general rules concerning reverse mortgages—also known by their technical name of Home Equity Conversion Mortgages (HECM). Oftentimes, without really knowing much about them, people see reverse mortgages as a negative experience. However, an HECM loan can be a potentially positive experience in your financial life. In the right circumstances, reverse mortgage have many benefits and advantages since they can expand your financial options, provide a means for covering health-related expenses such as hospitalization or long-term care, and serve as a backup plan for maintaining your income in retirement.

It is important to know the rules and understand how these special kinds of mortgages work so you can set your expectations. (You can learn more about them in our Smart Women/Savvy Money webinar on this topic.) You can start expanding your knowledge with this list from Mutual of Omaha of common questions people ask about reverse mortgages.

Explore Reverse Mortgage FAQs