It’s a common financial advice for parents: prioritize your own needs for retirement over saving for your children’s college education. First, the rationale behind this advice is clear – children can borrow for college, but retirees can’t borrow for their retirement. However, there’s another financial tool often overlooked in this conversation: reverse mortgage. Do people also call them retirement loans?

Understanding a Reverse Mortgage

A reverse mortgage is a financial product that allows seniors to tap into their home equity for retirement funding. Second, if seniors have substantial equity in their homes, they can get a reverse mortgage.

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