Using Reverse Mortgages for Retirement Income (Dec 9, 2007)

Reverse mortgages are gaining popularity for homeowners (especially seniors) who have equity buildup in their houses. These types of mortgages essentially provide a means of accessing that excess equity by 'adding' to the existing mortgage, and letting the lending bank subsequently take ownership of the house after the homeowners have passed away. Obviously some important considerations should be borne in mind before going the Reverse Mortgage route.

Here is an article on how these Reverse Mortgages work.