Jumbo Reverse Mortgage Loans: What You Need to Know

For most older American homeowners, home equity represents a big, and mainly untapped, portion of their net wealth. Many of today’s retirees are finding that their retirement savings and Social Security are insufficient to maintain their standard of living and cover any contingencies that may arise, such as market volatility, soaring inflation, and health issues.

Some turn to a reverse mortgage loan to enjoy a more comfortable and secure retirement without selling the home. Typical uses of a reverse mortgage are to supplement monthly cash flow, establish an emergency fund, refinance an existing mortgage, and pay for in-home care or home renovations.

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