Reverse mortgages are a legal and popular financial product in the US, Canada (where the regulations are slightly different) and increasingly are being introduced in a number of other countries. They are somewhat controversial in that have higher rates than traditional mortgages and draw down the equity in the primary residence. This Forbes article provides a good overview of the product. There are a number of articles and company websites that can provide more detailed and product-specific information.
- RetirementGoat
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