According to the latest Consumer Price Index report, inflation once again ticked upward in March. Persistent inflation makes it challenging for Americans to manage their expenses, and that's especially true for seniors who are no longer in the workforce or are living on fixed incomes.On top of that, elevated interest rates, combined with limited retirement income, make it harder for seniors to qualify for home equity loans and other forms of financing to ease their burden.
'When a borrower closes on their reverse mortgage, the first thing that happens is any existing mortgages are paid off,' says Michelle White, a former loan officer and current national mortgage expert at The CE Shop. 'The borrower can then access any remaining equity. The equity can be disbursed in a lump sum or regular monthly payments.