Important things to know about Reverse Mortgages
More than 52,900 reverse mortgages originated in 2021, and with inflation and a potential recession looming, this number has the potential to grow in 2022. But how exactly does a reverse mortgage work? Is it right for you?
Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to the various stages on the journey to home ownership. Whether you’re just beginning to think about purchasing a home or wanting to better understand mortgages, our curated playlist will provide you with important information.
Reverse mortgages were created in the 1960s with the intent of helping older homeowners access all or some of a home’s equity while allowing them to keep living in the home. While this may be a viable and beneficial option for some, it is important to be aware of exactly how a reverse mortgage works, and what some of the pitfalls may be.
Our Reverse Mortgages module, located in the Owning a Home playlist, will dispel myths about reverse mortgages, explain eligibility (currently for homeowners age 62 and older who have equity in their homes), go over the different types of reverse mortgages, and much more. Make sure you know whether a reverse mortgage is right for you by exploring this full module.
The NAFSA Financial Literacy Program provides free modules and tools with easy-to-understand financial literacy information to help people better comprehend their finances and make more informed decisions.
Explore the program today: https://nafsa.everfi-next.net/welcome/nafsa-achieve
*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.