For empty-nesters who may be getting anxious about [tag]retirement[/tag] or for those who are already in their 60s or older, [tag]reverse mortgages[/tag] can be a means of ready cash. They also pose a certain financial risk, making it critical for [tag]homeowners[/tag] to understand what it is they’re embarking on. Reverse mortgages convert your home equity into cash that can be used for any purpose.

To qualify, you must be 62 or older. The home you wish to draw equity from must also be your principal residence, not income property. Your home must be owned free and clear or have only a small outstanding mortgage that can be paid off with the reverse mortgage. There are no income, employment or credit-worthiness requirements.

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