Who primarily benefits from a reverse mortgage?

A reverse mortgage primarily benefits seniors looking to convert home equity into cash. This financial product is specifically designed for homeowners aged 62 or older, allowing them to access the equity in their homes without having to sell the property or make monthly mortgage payments. Instead, the loan amount is repaid when the homeowner moves, sells the home, or passes away.

This option provides financial flexibility to seniors, enabling them to use the funds for various expenses such as healthcare, daily living costs, or other personal needs, thereby improving their quality of life in retirement. The structure of a reverse mortgage is tailored to meet the unique financial situations of older adults, making this choice significantly advantageous for them compared to other groups mentioned in the options.