3 reverse mortgage advantages to know this May

MoneyWatch: Managing Your Money 3 reverse mortgage advantages to know this May We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance. Read Full Bio Matt Richardson May 7, 2026 / 2:44 PM EDT / CBS News Add CBS News on Google A reverse mortgage has multiple timely advantages for seniors this month. Getty Images/iStockphoto News in late April that the Federal Reserve was keeping interest rates on hold once again, and not proceeding with a rate cut that would benefit millions, wasn't unexpected. But it was still a disappointing development for many, especially seniors and older adults who have been contending with elevated interest rates on everything from mortgages to credit cards for multiple years now. While a Fed rate cut wouldn't have automatically led to dramatically lower rates, it would have certainly helped. And with no Fed meeting on the calendar for May and no rate cut even planned right now for June, older adults tied to tight budgets may want to seriously consider looking elsewhere for financial relief.Their home could be a good place to start. Leveraging their accumulated home equity with a reverse mortgage, specifically, could help. This unique product is only available for homeowners ages 62 and older, but it could provide the financial boost these seniors need to weather today's economic volatility while putting them back on a path toward regaining their financial freedom. And, this May specifically, could be a smart time to get started, as the product has unique advantages in today's economic environment. Below,...