CFPB: “More and more homeowners are considering tapping their home equity as they approach retirement age. Getting a reverse mortgage is one way that some older homeowners can do that. Reverse mortgages are a special type of home equity loan sold to homeowners aged 62 years and older, which are repaid when the borrowers sell the home, move out, or die. It’s a complicated type of loan that works best for homeowners who carefully consider all of their options.

Things to consider – Before borrowing, seniors and their families should consider:

• The cost of homeowners’ insurance and taxes
• Plans for staying in the home or leaving it to family members
• Plans for dependents or others living in the home
• Alternatives to reverse mortgages

Because some important things about reverse mortgages have changed recently, we’ve updated our guide to reverse mortgages.”