A reverse mortgage is a unique type of loan used by older Americans (62 and older) to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.
The reverse mortgage has earned its name because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular first mortgage or home equity loan, a lender makes payments to you. The money from a reverse mortgage can be used for anything from daily living expenses to home repairs and home modifications.

Benefits of Reverse Mortgages
• Designed and insured by the US Government
• No loan payments required as long as you reside in your home
• No income or credit requirements
• Allows you to maintain your financial independence
• Cash received from the reverse mortgage is TAX FREE
• No prepayment penalty
• You still own the home and retain title
• Proceeds can be used in any manner you wish
• You can still sell your home if you wish
• Numerous Payout Options:
o lump sum
o line of credit
o monthly payouts
o combination of the three above