Imagine the bank depositing monthly premiums into your account instead of you writing a mortgage check. That’s basically how a reverse mortgage works.
With Baby Boomers already rolling into retirement and Gen X looking forward to shrugging off the stress of the 40-hour work week, downsizing could be a strategic move.
If you’ve had to watch your parents transition into assisted living, you may have no desire to call such a place home. You are not alone. According to the Aging in Place Housing Survey conducted by the American Association of Retired Persons (AARP), more than 90 percent of seniors want to remain in their home.