Reverse mortgages allow some older homeowners (62 and older) to stay in their homes and tap into their home equity. Home equity is the difference between the appraised value of your home and the amount that you owe on any mortgages. Homeowners who have owned their homes for many years may have a lot of equity in their properties. A reverse mortgage can help to convert some of that home equity into cash and allow homeowners to stay in their homes for as long as they want.

     Using the equity in your home can seem like a good idea, but is it right for you? This is a decision that you should consider carefully, because your house may be your most valuable financial asset. A WCO financial counselor will help you understand the benefits and challenges of this funding option. For more information, contact Rod Williams at (615) 850-3453.