FOUND: Should i get a reverse mortgage six questions to ask first - What They Never Told You

While saving for retirement is a major financial goal for many, not everyone saves or is able to save enough money to live on by the time they hit retirement age, leaving them wondering how they will manage to pay for living expenses and any unexpected costs that might crop up. A reverse mortgage is one solution to this problem. Instead of making mortgage payments to their lender, homeowners can relinquish their home’s equity back to the lender in exchange for payments they can use to cover their expenses. This can be a tempting solution if you’re worried about how you’ll cover costs during retirement, but it’s not the only solution for supplementing your income, and it may not be right for everyone.

So how can you know if it’s right for you? Here, six financial experts from Kiplinger Advisor Collective shed light on the pros and cons of a reverse mortgage and offer up critical questions you should ask yourself before deciding whether to take on this type of solution.