Money Magazine’s senior editor Walter Updegrave takes a readers question about reverse mortgages earlier this week.
The reader asks:
My wife and I are 62 and just starting to take Social Security. We’re thinking about taking out a reverse mortgage and using it as a line of credit. The extra money could come in handy. What do you think? — S.W., Red Oak, Texas
Usually the answer is pretty short, but Updegrave writes an essay as a response. I’ve spoken to him a couple times and he always asks great questions, see his response at the link below.