--- title: Why a Reverse Mortgage May Be Right For You | TIME description: They aren't as risky as they used to be. Here's why you should consider one. canonical: https://time.com/video/9F3hquhe/ og:title: Why a Reverse Mortgage May Be Right For You og:description: They aren't as risky as they used to be. Here's why you should consider one. og:url: https://time.com/video/9F3hquhe/ og:image: https://cdn.jwplayer.com/v2/media/9F3hquhe/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Why a Reverse Mortgage May Be Right For You twitter:description: They aren't as risky as they used to be. Here's why you should consider one. twitter:image: https://cdn.jwplayer.com/v2/media/9F3hquhe/poster.jpg?width=720 --- # Why a Reverse Mortgage May Be Right For You > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Why a Reverse Mortgage May Be Right For You [Watch (HLS stream): Why a Reverse Mortgage May Be Right For You](https://cdn.jwplayer.com/manifests/9F3hquhe.m3u8) (2:24)  _Published 2016-05-11. They aren't as risky as they used to be. Here's why you should consider one._ --- Jul 27, 2023 8:05 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Is a Reverse Mortgage Right for You?](/video/D92KPuTm/) ### Is a Reverse Mortgage Right for You? [Clouds Aren't Helping Climate Control](/video/vkWnDZv3/) ### Clouds Aren't Helping Climate Control [Kids Aren't Alright](/video/VkFxE2KI/) ### Kids Aren't Alright --- ## Transcript I'm here with Jane Bryant Quinn legendary personal finance expert and best selling author. We're here to talk about her latest book How to Make Your Money Last The Indispensable Retirement Guide. Wanna talk with you about reverse mortgages. This is something that you said your thinking has changed on. Now first tell me how does a reverse mortgage work. You say it's a good way to tap your home equity? In retirement. Yes basic idea is that you, first you have equity [ LAUGH ] fortunately. And you want to stay in the house you're in, but you need some extra money, or you want some extra money, so you take the home against your home equity, but you don't have to pay it back. Principal, no interest until you leave the house. So why [ UNKNOWN ] has something else changed about reverse mortgages? Something else that's changed about reverse mortgages and second financial planners are learning to use them in new and creative ways. Formerly, what often happened is that people would reach their 70s and their 80s, and They had no money or virtually no money. So they would take a reverse mortgage in a lump sum and they would run through the money and then they couldn't pay their insurance or their taxes. And if that happens, then a bank can turn you out of your house. So Congress changed the rules. Basically, they take the money out for you and they give you only a certain amount per month that they're sure will last for life. Much reduce the risk for older people with very little money. Now the inventive part is actually for younger people, when as soon as you're 62 you can take your reverse mortgage. Here the idea is you take the mortgage but you don't take a large sum, you take a credit line against the value of your house. And if you never borrow, other than for closing costs, but otherwise you don't borrow against it the amount of credit available increases every year by the same rate you are paying on your reverse mortgage. And then if you are managing your money, so you're taking money out of savings or out of investments, and the market is down And you don't want to sell investments, well then you could take money to pay your expenses out of your home equity credit line. 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