BEYOND THE PENSION: EXPLORING THE REVERSE MORTGAGE

When the average monthly pension received during 2023 was 9,600 pesos (less than 600 dollars) according to information from the National Commission of the Retirement System Savings Commission (CONSAR), many seniors struggle to maintain their lifestyle. In an effort to increase their income and remain in their homes, some resort to tapping into the equity built up in their homes through an interesting form of financing: the reverse mortgage.