Financial problems can come up quickly, unexpectedly and often through no fault of our own. With the cost-of-living continuing to take its toll, the number of people finding it difficult to repay their loans is increasing.
For many retirees and people approaching retirement, their home makes up a significant portion of their wealth. Many people are under the assumption that the only way to access the equity in their home is to sell and downsize. However, there is another option. A reverse mortgage is a tool homeowners aged 60 and older can utilise to convert a portion of their home equity into cash.