Savvy senior - Reverse Mortgages Have Recently Gotten More Affordable

Dear Savvy Senior,

What can you tell me about reverse mortgages? I was considering one a few years ago but decided against it because it was too expensive. But now I hear they are much more affordable. What can you tell me?

Looking for Cash

Dear Looking,

One of the biggest drawbacks of reverse mortgages over the years has been the high upfront costs. But now, thanks to some new federal rules and reduced lender fees, reverse mortgages are much cheaper for cash-strapped retirees to get into. Here’s what you should know.

The Basics

Let’s start with a quick review. A reverse mortgage is a unique l...