Harlan Accola

A reverse mortgage is a financial product designed primarily for homeowners aged 62 or older, allowing them to convert a portion of their home equity into cash without selling their home. Unlike a traditional mortgage, where you make monthly payments to a lender, a reverse mortgage provides payments to the homeowner, either as a lump sum, monthly income, line of credit, or a combination of these. This option can be particularly appealing for retirees looking to supplement their income, cover healthcare expenses, or improve their quality of life. However, it's important to understand that while the homeowner retains ownership, the loan balance grows over time and is typically repaid when the borrower moves out, sells the house, or passes away.

Harlan Accola is the National Reverse Mortgage Director at Movement Mortgage, which is an underwriter of this program. He is also author of the book, Home Equity and Reverse Mortgages: The Cinderella of the Baby Boomer Retirement. . 

Welcome to Mastering Your Money, Harlan Accola