As the country's home-owning population ages and baby boomers hit their mid 60s, it is time to take another look at the once-popular mortgage product known as the reverse mortgage.
In a reverse mortgage, the bank loans you cash in a lump sum, in monthly installments, a line of credit or some combination of all three. Unlike a typical mortgage, the bank pays you and so long as you are alive and continue to live in your home, you do not have to repay the bank. The bank gets repaid solely from the sale or refinancing of your home when you sell your home, move out or die.
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