People over the age of sixty two can certainly benefit from reverse mortgage as they could get money easily against their stake in the home and hence enjoy a stable and tax free income without compromising on your living standards.
You are not required to repay this loan as long as you continue to stay in the house and don’t break any of the terms and conditions of the reverse mortgage but it would be better that you study these types of loans before opting for it. When compared with normal types of loans they neither carry a fixed mortgage amount or a fixed maturity date
Do check from your friends or relatives who have opted for such type of a loan or use the internet for this purpose.
