3 must-knows before taking out a reverse mortgage

Borrowers who select lump sum option must budget for the unexpected

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Approximately one-third of all Americans own their homes free and clear. Nevertheless, many seniors can end up losing their homes because they don’t have the money to pay their property taxes, or they get hit with high medical bills or encounter a situation in which they need the equity from their home but can’t qualify for a loan.

For many, a reverse mortgage may be a great way to avoid losing their home.