David L. Woodland, an immunologist at the Trudeau Institute, a nonprofit research center in Saranac Lake, N.Y. says the biggest drain on our immune systems in the modern age is stress. Taking the

Dated: June 7 2020
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You're retired, or about to be, with limited income and savings, but lots of equity in your home. It's a familiar scenario. Many people in this position consider moving down or selling their home and renting—perhaps in a retirement community. Refinancing to take advantage of lower rates and/or take money out to pay off debts and have a cash cushion is another possible option. A reverse mortgage is another consideration, and one that offers a unique set of benefits—but also some potential downsides. We're breaking down the pros and cons of this unique type of mortgage.
What is a reverse mortgage?
A reverse mortgage is a way to tap the equity in your home once you reach the age of 62 and eliminate your monthly mortgage payments—for now. "When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you," said the Federal Trade Commission (FTC). "Reverse mortgages take part of the equity in your home and convert it into payments to you—a kind of advance payment on your home equity."
What are the advantages of a reverse mortgage?
First, you get to use the equity you've built up to supplement your monthly income, pay bills, go on vacation, or anything you need.
In addition:
Are there any disadvantages?
For starters, you won't be living in the house Scot free. "Owners must pay the property taxes and insurance costs and keep the house in good condition when they agree to a reverse mortgage," said Debt.org. "If they don't—and many have fallen into that trap—the lender can foreclose."
In addition:
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Reverse Mortgages - Pros and ConsYou're retired, or about to be, with limited income and savings, but lots of equity in your home. It's a familiar scenario. Many people in this position consider