The reverse mortgage, explained in simple and easy to understand terms. If your working years are behind you, you've got a lot of equity in your home, and you need extra cash to live on, a reverse mortgage can seem like a great option. But is it a smart choice? In this video, I go over what a reverse mortgage is and how a reverse mortgage works, the requirements to qualify for a reverse mortgage, and the three types of reverse mortgages currently available. I also share my thoughts about when reverse mortgages should be used, and when they should be avoided.

What do you think of reverse mortgages? Let me know in the comments.

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My Debt Free Story:    • How I Paid Off My Student Loans  

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FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. NOT LEGAL OR FINANCIAL ADVICE. The information provided in this video and on this channel is for educational and informational purposes only. It is not intended to be a substitute for legal or financial advice that can be provided by your own attorney, accountant, and/or financial advisor. Practical Personal Finance accepts no liability whatsoever for any losses or damages arising from your own personal financial decisions. You are advised to consult with your financial advisor, tax professional, or attorney regarding any and all financial decisions involving your own income and taxes.