If you ever watch cable TV, chances are you’ve seen reverse mortgage commercials with celebrity spokespeople like Tom Selleck, Robert Wagner and Henry “The Fonz” Winkler. A reverse mortgage is a way to borrow against the value of your primary residence for extra retirement income.
“It’s a personal financial management tool that enables homeowners to convert the home equity into loan proceeds," says Steve Irwin, president of the National Reverse Mortgage Lenders Association. “Homeowners can access this money without having to sell, move or take on monthly loan payments.”
