The House, Remarriage, and Long-Term Decisions
What is a reverse mortgage and should I consider one?
Short answer
A reverse mortgage lets homeowners 62 and older borrow against home equity, with no payments required until you move, sell, or die. It can provide income if you are cash-poor but equity-rich. Downsides: fees are high, the loan balance grows over time…
What this usually means
A reverse mortgage lets homeowners 62 and older borrow against home equity, with no payments required until you move, sell, or die. It can provide income if you are cash-poor but equity-rich. Downsides: fees are high, the loan balance grows over time, and it reduces the inheritance for your heirs. Get independent counseling from a HUD-approved reverse mortgage counselor before deciding.
What to do next
- Start the PathAfter checklist for situation-aware first steps.
- Find California county phone numbers for coroner, vital records, and local offices.
- Open the First 72 Hours Call Log before making calls.
- Open the Documents to Find Checklist when you are ready for paperwork.