Reverse mortgages give a lot of senior homeowners the ability to stay in their houses. You must be at least 62, you continue to own and occupy the house, federally insured and private options, and most expensive in the early years of the loan.
Reverse mortgages are based on a home's equity and pay a sum of money to the borrower. There are no monthly mortgage payments to be paid and you can receive monthly payments or a lump sum.
This is a good idea for some and not such a good idea for others. Professional advice is necessary.
Some sites to learn more about Reverse Mortgages;
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