With so many ‘Baby Boomers’ reaching retirement age (and beyond), there’s no shortage of advertising for reverse mortgages. It’s a popular financial tool for some retirees, in particular, those who have become ‘house rich and cash poor’ due to rising health care costs and living expenses, alongside incomes that remain relatively fixed.

Hopefully you’ve read Part 1 of this reverse mortgage series, where we have cleared up some of the myths and misconceptions about this financial tool.

We have one final concern that wasn’t addressed in the previous blog, which was whether or not the surviving spouse or partner may be stuck repaying the loan after the homeowner passes away. Fortunately, surviving spouses can remain in the home without having to make payments, as long as they are also registered on the mortgage. And unless they choose to sell the home.

If you’ve read parts one and two of our Reverse Mortgage series, you are hopefully better informed about the myths and misconceptions, advantages and disadvantages of this financial tool. Now let’s take a look at the available products, and how one might use them.

You may have seen advertisements for the CHIP reverse mortgage. This is the original product – and still the most popular – although it has changed over the years to better serve clients better.

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