Using a Reverse Mortgage on Your Primary Residence One important rule about reverse mortgages is that they can only be used on your primary residence- not on a second home, rental, or investment property. That means you must live in the home as your main place of residence in order to qualify. A Real-Life Strategy:…

What Is a Reverse Mortgage? A reverse mortgage is a unique type of home loan available to homeowners who are at least 62 years old, or in some cases, 55, depending on the program. This loan allows homeowners to convert a portion of their home equity into cash, without having to make monthly principal and…