A reverse mortgage lets the owner of the home have the freedom to use their equity any way they want. That loan doesn’t have to be repaid until the owner dies, sells the house or moves away. If you’re in the US, you can only get a reverse mortgage on your first mortgage. This choice is not widely recommended.

All you have to do to save 5 to 6 years of mortgage payments is to make an extra payment each year. Sure, you get to write off your mortgage interest on your taxes, but that saves you only a few thousand dollars a year. A portion of each dollar becomes tax-deductible.

You would do well to consider going all the way with an alternative since it would save you a hefty sum of money each month.