What is a reverse mortgage?

And should you get one?

A house and money.
(Image credit: Illustrated | Getty Images)

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A reverse mortgage can give older homeowners the funds they need to help cover their costs of living. While this can certainly sound like a good deal, there's a lot to consider before taking the plunge. Here's a look at how reverse mortgages work, who's eligible, and who should (and probably shouldn't) get one.

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Becca Stanek, The Week US

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.