Facts to know before taking out a reverse mortgage

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If you’ve grown accustomed to a certain level of lifestyle during your earning years, you will likely find it hard to adapt to a lower budget lifestyle after retirement. Although many people turn to mortgaging their home upon retirement, this is not the recommended way to free up extra cash, as it puts you into a spiral of debt, which is the last thing you need after retirement!

As soon as you are 62 years of age, you can apply for a reverse home loan. You will be subject to retaining ownership of your house, and you will have to live in it permanently for the loan to be considered valid.