Reverse mortgages allow homeowners over age 60 to access equity in their home through either a lump sum payment or monthly payments, with interest accruing and increasing the total loan amount over time. While reverse mortgages provide living expenses for older homeowners, the loans must eventually be repaid either upon moving or upon death, which could reduce the value of the estate left to heirs.

1. REVERSE MORTGAGES

2. Factors • For people over age 60 • To use the home equity • It comes with risk of losses • One time pay out or over time payments • Interest increases the loan amount

3. Consider the heirs costs vs Cost of drawing up a living will

4. Reverse mortages increasing in popularity