Many retirees – and those planning for retirement – are taking a look at reverse mortgages to supplement their retirement income. If you are 62 or older, a reverse mortgage allows you to use your home equity to receive a loan. The loan does not have to be repaid until you die or sell the home.

Reverse mortgage income is tax-free income that you can receive either as a lump sum, monthly payments or as a line of credit to draw on as you need it. If you are married and your home is owned by both spouses, then each of you must be at least 62 years of age to qualify. Generally, a reverse mortgage loan does not require a credit or income test.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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