Bankrate has provided a slideshow that gives seniors information on the best and worst practices when using reverse mortgage loans. The publication reveals that reverse mortgage loans are dependent on the homeowner's financial situation.
The second slide presents information on how changes to home equity conversion mortgages are rendering them difficult to use. The third slide details how seniors use RMLs to pay off large expenses, slide four shares how seniors use RMLs to finance their living expenses and slide five reveals how RMLs aid in financial planning.
Meanwhile, in slide six you will discover how seniors use RMLs to give money to their children, slide seven highlights how RMLs can be used in upsizing or downsizing and finally slide eight will highlight the role RMLs play in buying an annuity.
Click on the image above to explore the slideshow in-depth.