As the population ages and retirement savings dwindle, more and more seniors are turning to reverse mortgages as a way to supplement their income. In Maine, where the median age is the highest in the country at 44.7, reverse mortgages are becoming increasingly...
With the aid of a reverse mortgage, homeowners who are 62 years of age or older can turn some of the equity in their homes into cash. The homeowner receives payment from the lender rather than making regular payments to it. The loan is paid back when the homeowner...
