6. Mortgage Assistance & Reverse Mortgages
Housing costs are one of the highest expenses seniors face. For those who own a home, a reverse mortgage, refinance, or mortgage relief program may help make living expenses more manageable.
Reverse Mortgage Benefits
- Available to homeowners 62+
- Converts home equity into cash without monthly payments
- Used to pay debt, cover medical care, or increase savings
Risks
It can reduce inheritance or long-term property value, so consultation with a financial adviser is recommended. Some seniors may also qualify for state mortgage assistance programs, especially if they are struggling after a financial hardship.
P.S.: This article might help.
