Booming Forward: What’s a reverse mortgage?

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Reverse mortgages are becoming increasingly popular.

More than 650,000 reverse mortgage loans have been written since 1989. Three-quarters of those loans occurred in the last five years.

A reverse mortgage allows homeowners to use their equity as a means to stay in their home longer.

Some advisors call this “the last resort loan.”

Doug Wells, a partner with Albion Financial Group in Salt Lake City, said there’s usually better ways to find the funds you need to stay in your home.

FOX 13’s Dave Nemeth has the story in the video above.