Home Equity Fallback

Found this bit of information in a great article discussing personal finance.

Still, home equity is a good fallback. In your final years, you might tap it with a reverse mortgage, which is a loan against the equity built up in the property. There are no payments, and you don't need an income to qualify, as you do with a second mortgage or home-equity loan. The principal and interest owed on a reverse mortgage is paid only after you die or sell the property, and the lender cannot foreclose.

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The article can be found here: Personal Finance & Investing

Till next time, have a blessed day.